Morgan Stanley

Banco Comercial Português’ successful return to the euro senior unsecured market was driven more by renewed demand for its name than a hunt for yield, said lead managers, in a week where the only fresh paper issued carried a sub-investment grade rating.

The US investment grade corporate bond market sprang back to life this week as four big issuers hit the market in quick succession on Thursday, after multi-billion dollar deals from Novartis and Comcast earlier in the week.

The burgeoning green bond sector took two important strides this week, as the European Investment Bank increased an outstanding deal to the largest volume on record and the African Development Bank entered the Scandinavian capital markets for the first time with its second ever green bond.

Westpac Banking Corp is set to print its first benchmark Samurai transaction in almost two years as Japan’s central bank ploughs on with the monetary easing policy that has made yields on foreign banks’ bonds more attractive to domestic buyers.

Corporate bond issuance is set to get busier again in Europe next week, bankers say, with a drive-by deal also possible on Friday.

GTT, the LNG membranes firm, began bookbuilding on a €675m IPO on Monday, hoping that it could capture demand as investors move into more defensive stocks. The deal was covered on Tuesday.

Banco Comercial Português’ successful return to the senior unsecured market was driven more by renewed demand for its name than a general pick-up in eurozone sentiment and a hunt for yield, said bankers who worked on the deal.

Russian lender Credit Bank of Moscow is pushing on with plans for a $500m IPO later in the year, hoping that Russian equities continue to improve after the disruption in January.

FIG investors continued to defy ratings agencies on Wednesday as they deemed two periphery credits more than worthy of investment in senior unsecured.

GazTransport & Technigaz's (GTT) €675m IPO was covered on Tuesday, the day after bookbuilding began. Bankers hoped the deal could capture demand as investors move towards defensive stocks.

Danish outsourcing firm ISS launched a $2.1bn-equivalent IPO on Tuesday, trying a listing again for the fourth time with reduced leverage ratios and better market conditions.

GTT began bookbuilding on a €675m IPO on Monday, hoping that it can capture demand as investors move into more defensive stocks.