Mizuho

Six of the nine investment grade corporate new issues in the last week of February were announced with a three letter acronym that, while providing clarity, served to frustrate investors keen to see greater volumes of issuance. WNG stands for “will not grow” and this week told investors that the meagre sized deals would not be increased, irrespective of demand.

Garanti Bank and Vakifbank have joined the spring round of loan refinancings by Turkish banks.

Dongfeng Nissan Auto Finance will be returning to the Chinese asset-backed securities market on March 8 with a Rmb4.5bn ($710m) dual-tranche deal on the interbank market — the largest transaction by a foreign name originator so far this year.

The European Bank for Reconstruction and Development set a new pricing bar for 2018 in five year dollars on Wednesday as it equalled its largest ever dollar benchmark size. Municipality Finance was also out in the same tenor, with a trade that leads said had a concession of 2bp-3bp.

Europe’s syndicated loans bankers say recent transactions highlight how cut-throat the market is for lenders, as the European Commission gets under way with a study on market practices.

FMS Wertmanagement on Tuesday took advantage of widening swap spreads to equal the tightest spread to mid-swaps on a five year benchmark so far this year — a level that was “very tight” to KfW, said bankers on the trade. Two other borrowers are lining up to try their luck in the tenor — including one that is aiming for an even tighter spread.

Five new investment grade corporate bond deals were priced on Tuesday and, while pricing was competitive, none of the issuers allowed for any growth in the size of the deals as all five used a no-grow strategy.

First Abu Dhabi Bank raised $650m with its market return on Monday, as Gulf Corporation Council financial supply continued with Union National Bank.

Indian state-owned refiner Hindustan Petroleum Corp (HPCL) has mandated four lenders for a new offshore syndicated loan.

Two Indonesian finance companies that serve customers in the automobile sector have launched deals in quick succession.

Turkey’s Akbank has the sole attention of EM investors on Tuesday as it looks to price its second Basel III compliant tier two transaction.

Daimler led three corporate dollar issuers on Thursday as the market stabilised and high grade credits showed their resilience after a stop-start week.