MUFG

The corporate bond market started at a frantic pace on Tuesday with five deals pricing. But on Wednesday French tyre manufacturer Michelin found its patience was rewarded with a chance to dominate investors’ attention and it was able to build the largest order book for a 20 year euro tranche in 2018.

The corporate bond market started at a frantic pace on Tuesday with five deals pricing. But on Wednesday French tyre manufacturer Michelin found its patience was rewarded with a chance to dominate investors’ attention.

The autumn term has definitely begun in Europe’s corporate bond market. BMW and Daimler, which launched deals last week, may have been the scholarship swots who returned extra-early, but this week the whole sweaty gang of issuers is back en masse, and making plenty of noise.

India’s Reliance Industries has launched its long-awaited refinancing of around $2.7bn into general syndication, one month after mandating 17 lead banks to run the transaction.

BMW and Daimler reopened Europe's corporate bond market on Thursday in emphatic style, reminiscent of the market's usual reopenings after Christmas, when car companies often take the lead. Such a clear and classical restart to issuance, this early in August, is unusual.

The US corporate bond market continued at a strong pace this week, ignoring the lure of the beach that sees its European counterparts' new issue flow slow to a standstill in August. More than $22bn of bonds were sold in the first three days of the week and around half of that was raised by United Technologies Corp.

Chinese companies BOC Aviation and Digital China have launched offshore loans into general syndication, seeking $500m and $100m, respectively.

BOC Aviation, the aircraft leasing group under Bank of China, has launched a $500m five year borrowing into general syndication, with a group of ten banks at the helm.

MUFG Bank has named ex-Royal Bank of Scotland executive Gyan Harlalka as head of global markets for India.

The Republic of the Philippines attracted more investor demand than expected on its return after eight years to the Japanese yen bond market. Its outstanding dollar bonds outperformed in secondary trading as the new deal was being marketed.

Taiwanese electronic components distributor World Peace Group is back in the market for a NT$10bn ($327m)-equivalent dual-currency loan. Meanwhile, a Foxconn subsidiary is seeking to refinance an old deal.

Housing Development Finance Corporation has launched a $750m loan into general syndication, after attracting one extra bank at the senior level.