Mizuho

Chinese conglomerate Tencent brought cheer to the dollar bond market on Thursday as it tapped pent-up demand with a four-part benchmark trade that amassed a $40bn order book.

Ford Automotive Finance (China) is preparing for a Rmb4bn ($614m) deal in the onshore asset-backed securities market – the first by a foreign originator in 2018. But the carmaker is not in the mood for change in the New Year, sticking with the same format it printed in last August.

On Wednesday French toll road operator Autoroutes du Sud de la France followed the path its compatriot Orange had taken on Tuesday by issuing a €1bn 12 year new issue. Meanwhile Italian auto finance bank FCA Bank was also in the market with its first benchmark floating rate note.

Dollar investors had plenty of Chinese property bonds to choose from this week, with four issuers competing for their attention on Tuesday. But with no end in sight to the pipeline, companies will have to navigate the market carefully, or cough up a premium for their bonds.

Property companies Country Garden Holdings Co (CoGard), Times Property Holdings, Tahoe Group Co and Wharf Real Estate Investment Company hit the dollar debt market in force on Tuesday.

Country Garden Holdings Company (CoGard) and SEA Holdings are planning their comebacks to the offshore debt market, while Wharf Real Estate Investment Co is set to test its luck with accounts for the first time.

The response to Tata Motors' £640m ($839m) refinancing has been phenomenal, with the loan generating commitments exceeding $1bn, said bankers close to the situation.

The dollar market picked up where it left off in 2017 with tight pricing and bulging order books as borrowers hit the ground running.

Refresco’s $1.25bn acquisition of Cott’s drinks bottling business raises monopoly concerns, the UK Competition and Markets Authority (CMA) said this week. But market sources see a quick fix ahead.

A $350m-equivalent yen denominated borrowing for Indian power financier National Thermal Power Corp (NTPC) has entered primary syndication, testing the market’s appetite for a 10 year maturity.

Mizuho Bank is preparing to sell the first ever Panda bond by a Japanese issuer, after picking three local banks to manage the deal.

Thai Beverage Public Co has enlisted the help of three banks for a 12-month bridge facility to support its acquisition of a stake in Vietnamese brewer Saigon Beer Alcohol Beverage Corp (Sabeco), said sources close to the trade.