Mizuho

High-grade dollar bond supply continued to flow with a flurry of smaller deals this week but bankers see little to cheer about as a disappointing first quarter drew to a close.

Saudi Arabia has had to scale back banks grappling to get on its $16bn loan, which will be used to refinance a $10bn loan taken out in 2016.

Kuwait’s Burgan Bank has signed a $350m loan with a club of seven relationship banks to refinance borrowing done in 2015.

UK property company Hammerson has signed a new £1.5bn three year revolving credit facility, bringing in a dozen banks for a financing aimed at slashing the funding costs of its acquisition target, Intu.

Anheuser-Busch InBev timed a $10bn multi-trancher to perfection this week as it jumped into the market to extend maturities ahead of the Federal Reserve’s rate interest rate hike.

Spanish utility Iberdrola had significant success with its debut green hybrid bond in November when it received €3.2bn of orders. However, its second such bond failed to tighten from initial price thoughts when it was issued this week.

After wrapping up investor meetings on Monday, Abu Dhabi Commercial Bank has opened books on a new five year dollar deal, offering around 30bp premium in order to attract investors in a "shakier market.”

UK property company Hammerson has signed a new £1.5bn three year revolving credit facility, bringing in a dozen banks for a financing aimed at slashing the funding costs of its acquisition target, Intu.

Shinhan Bank was forced to pay a new issue premium (NIP) to complete its Basel III-compliant tier two deal on Monday, like most other issuers in recent weeks. But the South Korean borrower still managed to price its bond tighter than expected.

Two new SRI corporate bonds were priced on Monday, but with very different results. Iberdrola’s green hybrid bond failed to tighten from initial price thoughts, while Danone’s debut social bond had to pay just 2bp of premium.

Rural Electrification Corp ventured out with a 10 year deal on Thursday, despite recent bonds with the same tenor widening by as much 10bp in the aftermarket. But the Indian issuer was vindicated in its choice, with its notes seeing solid secondary performance.

Spanish telecoms company Telefonica announced the sale of new hybrid issues this week while also tendering for several of its outstanding hybrids. After more than a month since the last benchmark euro hybrid issue, investors contributed to an order book exceeding €4.5bn.