Mizuho

Carmakers took advantage of a light calendar and an improving backdrop to reopen the dollar bond market after a week-long supply drought.

Philippine conglomerate San Miguel has closed senior syndication of its $1.1bn loan, attracting seven participants, according to a banker close to the situation.

Japan Bank for International Cooperation (JBIC) raised $3.5bn from a triple-tranche bond deal in its first outing in the dollar market since November.

Indonesian power company Perusahaan Listrik Negara is seeking an up to $2bn debut loan, but has surprised some bankers with the tight pricing on offer.

The European Investment Bank is set to bring the first five year dollar benchmark from an SSA in nearly three weeks — and only the third since the first quarter — after mandating banks on Monday. The issuer will be joined by a triple tranche trade from the Japan Bank for International Cooperation.

Two Chinese companies, United Asia Finance and Greentown China Holdings, have received strong responses to their offshore borrowings, allowing them to increase the loan sizes.

United Asia Finance, a Hong Kong-based consumer loan provider, has closed its latest dual-currency borrowing, raising the equivalent of HK$4.7bn ($599m).

German construction firm Hochtief opted for a €500m no-grow deal when it came to market for the first time as a rated company this week. The company gained a BBB rating from Standard & Poor’s in May 2017.

The US dollar bond market ended a record-breaking month on a downbeat note as borrowers stayed on the sidelines amid a poor technical backdrop. Charter Communications became the first SEC registered issuer of the week on Thursday with a long five year trade and the only two other benchmark trades were from 144A issuers on Tuesday.

Spain’s Masmovil has completed a second round of refinancing on its bank loans, shaving a further 100bp off the cost of its total debt pile and ramping up the size to €831m.

South Africa’s Investec Bank is close to wrapping up the syndication process for a $300m three year loan.

Attractive pricing in the dollar loan market is pushing Indonesian borrowers offshore, despite guidance from the country’s central bank to curb foreign currency debt exposure.