Mizuho

Frozen bakery supplier Aryzta’s shares fell by as much as 30% on Thursday as it issued a profit warning that full year Ebitda was expected to be 9%-12% lower than guidance released in January. This is a cause for concern for Schuldschein lenders endeavouring to rid the market of the stench left by Carillion and Steinhoff.

American household appliance manufacturer Whirlpool took the brunt of the damage from the volatility in the corporate bond market this week as it had to pull a deal just as investors were waiting for a final update. But it might not be the last issuer to struggle in the European investment grade corporate bond market, writes Nigel Owen.

First Pacific Co is using a new $175m bond, as well as a bank loan, to help fund a tender offer, part of a liability management exercise.

China Great Wall Asset Management Corp snapped up $600m from a five year bond on Thursday, a modest size compared to its last offshore outing.

Foreign banks operating in the US could be allowed a more flexible funding structure, according to Randall Quarles, Federal Reserve vice-chairman for supervision. It could lower the cost of trapping liquidity and capital instruments in the intermediate holding companies (IHCs) they had to set up to keep operating in the US.

Two Chinese transactions on Wednesday served as perfect examples of how duration can make a difference. Greenland Holding Group Co’s $500m sub-one year bond attracted a larger-than-expected order book, while China Overseas Grand Oceans Group (Cogo) had to pull a five year trade as a result of insufficient demand.

BMW Finance had to negotiate its way through a busy corporate bond market on Monday as it sold a €1.75bn 4.5 and eight year dual tranche offering. It had to pay new issue premiums of around 8bp-10bp but saw strong demand.

Two A-rated corporates went head to head in the euro corporate bond market on Monday as UK pharmaceutical giant GlaxoSmithKline and US electrical systems manufacturer United Technologies Corp both launched triple-tranche deals, with two matching maturities, which totalled €4.5bn.

Birla Carbon, part of Indian conglomerate Aditya Birla Group, is targeting its relationship banks for the senior syndication of a $1.2bn borrowing.

GlaxoSmithKline added to the crush of red hot dollar bond supply this week, as borrowers began a spring stampede to lock in funding ahead of a likely rate rise next month.

Mizuho Americas said it had hired five people on its high yield sales and trading desk, as the firm looks to beef up its leveraged finance capabilities, alongside larger plans to build out its US investment bank.

German chemicals supplier Lanxess found a surprising lack of demand for its first bond issue since September 2016, which sent bankers scrambling to re-examine their plans for next week's burgeoning corporate pipeline. Lanxess's struggle comes as new issue premiums and how far deals tighten through the bookbuild are being increasingly scrutinised as the market begins to imagine life in the European corporate bond market without the safety net of quantitative easing. Nigel Owen reports.