MUFG

New Zealand dairy company, Fonterra Cooperative Group, opened books to its third dim sum bond on Monday. The deal comes amid a recent revival in offshore renminbi bond issuance but a dearth of international corporates names.

Mashreq Bank placed its first ever note in yen on Wednesday, marking a growing demand for Middle Eastern paper in the currency.

Apple smashed the record for largest corporate yen bond from an international issuer with its debut on Thursday, but other borrowers are unlikely to leap on the obvious demand, writes Nathan Collins

Investors piled into the first offshore renminbi bond from Lenovo Group, keen to get their hands on some rare corporate supply. The strong response allowed the borrower to upsize the five year offering to Rmb4bn ($645m), equalling the record for the largest corporate dim sum bond.

Quanta Computer subsidiary Quanta International, which launched a dual tranche borrowing into general in March, has signed the facility at an increased size of $900m after fully exercising a greenshoe option.

Corporate bond issuers hung back from issuing in euros on Monday, as markets made a soft opening. But the pipeline continued to fill and issuers like Eurogrid and Mohawk Industries are in the offing.

Apple is set to issue its first ever bond in yen this week, adding a fourth borrowing currency as it funds its growing programme of returning capital to shareholders.

Sinochem Hong Kong launched its $500m three year bullet into general syndication on May 28. The company chose four mandated lead arrangers and bookrunners for the financing at the beginning of May.

Two European banks — Nordea and Standard Chartered — issued Samurai bonds this week in an attempt to diversify their funding sources.

Air Liquide, the French producer of industrial gases, returned to the bond market on Wednesday after a one year absence, and won a strong order book, enabling it to pay a minimal new issue premium.

Michelin, the French tyre maker, issued its first bond since 2012 on Tuesday. While the issuer drew good demand for seven and 12 year euro bonds, a proposed 30 year tranche failed to gain traction with investors.

While turbulence struck the euro market this week, issuers in sterling had an easier time of it with three companies putting together solid deals in the currency.