Morgan Stanley

Europe’s investment grade corporate bond market continued its blazing start to the year on a busy Tuesday with trades coming flat to or through secondary curves, and syndicate bankers say the blistering momentum is set to last throughout January.

Public sector borrowers soaked up huge demand in the euro market on Tuesday including the State of North Rhine-Westphalia, which printed its biggest ever 100 year bond despite offering a yield of less than 1%.

American insurers Metropolitan Life and Athene Holding had a busy start to the year as they tapped the sterling, euro and dollar markets to issue a quartet of funding agreement backed (FAB) securities.

Indian borrowers re-entered the bond market on Monday, led by the Export-Import Bank of India which printed the country’s first dollar deal of 2021.

Hong Kong’s block market surged back to life on Monday night with a flurry of share sales worth a total of HK$14.19bn ($1.83bn).

Chinese property borrowers reopened Asia’s primary dollar bond market on Monday, with four issuers raising nearly $2bn between them following solid demand from investors.

Public sector borrowers wasted no time in getting back to business in the euro market in 2021 with one live deal and four mandates all hitting screens on Monday as issuers look to take advantage of an almost full trading week and a supportive market to make a dent in their brand new funding programmes.

Embassy Office Parks Real Estate Investment Trust has has raised Rp36.84bn ($500.9m) from an issue of new stock, according to a source close to the deal.

Chinese streaming platform iQiyi has kicked off a combined convertible bond and follow-on offering that could raise around $1.7bn.

Gaming company Wynn Macau benefitted from a revival in sentiment around the casino industry for its bond return on Tuesday. It raised $750m from a tap of its 5.625% 2028 notes.

Adani International Container Terminal Private (AICTPL), part of India's Adani Group, sold its inaugural dollar bond on Monday. It raised $300m after receiving orders worth $2.85bn.

AstraZeneca, the UK pharmaceuticals company, has lined up $17.5bn of bridge loans from three banks to back its $39bn acquisition of US biotech firm Alexion.