Mizuho

On Monday, Volkswagen reopened the euro corporate bond market after a blank week. The German car company’s financial arm was the only corporate issuer to brave the market on the day and, despite issuing a €1.5bn triple tranche deal, kept its longest maturity at six years.

China Construction Bank Corp’s Hong Kong branch made an unusual Friday outing into the bond market, adding $1.5bn to its coffers from two tranches of floating rate notes.

A topsy-turvy market backdrop is pushing a slew of Chinese borrowers, mainly property companies, to raise funds by tapping their existing dollar bonds. Buy side interest remains, but only for the right names, writes Addison Gong.

General Motors’ Shanghai-based joint venture is gearing up for its biggest securitization transaction in China. The Rmb10.4bn ($1.62bn) notes will be up for grabs not only for onshore investors, but also those tapping the market via Bond Connect.

The Republic of Indonesia returned to the public yen market on Thursday for a ¥100bn ($913.76m) four-tranche transaction, navigating challenges around emerging markets volatility and its rising dollar bond yields.

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.