Mizuho

A smaller deal size, a high-profile cornerstone investor and plenty of early engagement with investors have put Budweiser Brewing Company Apac’s second attempt at a Hong Kong IPO on solid ground.

No less than three dual tranche corporate bond deals hit the market on Tuesday, as BMW, Abertis, and AbbVie jostled for the attention of investors with €2bn, €1.5bn and €1.4bn deals.

Indonesian state-owned power company PLN has diversified its funding sources. It debuted in the Samurai market, raising ¥23.2bn ($215m) from three bonds while paying a small premium over its outstanding dollar curve.

SSA issuers turned towards niche currencies this week to meet a range of demand across the Australian and Canadian dollar curves. KfW and the Asian Development Bank started the week printing in Australian dollars, before the World Bank joined them in the currency while also returning to the Maple market.

Mexican state-owned oil giant Pemex emphatically showed it has access to capital markets on Thursday as it received more than $35bn of orders on the way to a $7.5bn trade that could grow as existing bondholders participate in an exchange.

The Asian Development Bank hopped on to screens on Tuesday to print a new 10.5 year green Kangaroo bond. Demand for longer dated Kangaroo bonds has been muted recently, leading to smaller transaction sizes. So introducing a green label helped the ADB feel “comfortable” with achieving its minimum issuance size, said Anthony Ruschpler, treasury specialist at the ADB in Manila.

FWD Group has come to the market with yet another unusual transaction, raising $600m but seeing the bond open a whole point lower in the secondary market on Wednesday morning.

Corporate bond issuance in euros was busy again on Tuesday, with four deals, but they were moderately sized, so the total was nothing like Monday's haul of €6bn and £1.25bn.

One of the world’s largest companies made its debut in the yen bond market last week, as Berkshire Hathaway placed ¥430bn ($4bn) of multi-tranche debt. With the Japanese government yield curve offering sub-zero returns for anything under 15 years, the six tranche deal offered investors a chance to earn a yield pick-up, according to bankers away from the deal.

The Asian Development Bank (ADB) hit screens on Monday morning with initial price thoughts for a new 10 year green Kangaroo bond. The trade follows a busy week for SSA Kangaroo issuance at the long end of the curve, driven by Japanese demand according to one banker.

Two new corporate bond issues hit the market on Friday, wrapping up the busiest week of the year, in which nearly €22bn of new notes have been printed. Despite the frantic activity, investors have been willing to lend, though companies may have had to pay larger new issue premiums.

Six Greater China borrowers, including Industrial and Commercial Bank of China (Macau) and an unrated property developer, have wooed bond investors to their new dollar deals.