GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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  • US healthcare company Abbott Laboratories debuted in the European corporate bond market on Monday, selling a €3.42bn triple-tranche deal. The proceeds of the jumbo deal were to repay the issuer’s outstanding deals in dollars.
  • UK telecoms provider BT Group avoided competing with six new issues on Thursday and found itself with no competing supply for its latest corporate bond deal on Friday. While BT’s ambitions for the size of its deal this time were more modest than previous trades, the demand was still strong, allowing it to print tight to secondary levels.
  • State-owned German rail operator Deutsche Bahn took the opportunity to make the most of the European Central Bank’s corporate bond buying programme when it sold a €500m 12.5 year deal on Thursday.
  • Northern Ireland Electricity, the country’s electricity grid operator, overcame any fears investors may have had about the Irish border issue in the ongoing Brexit negotiations when it upsized its deal on a rare visit to the capital markets on Thursday.
  • French construction and concessions group Vinci sold its first public benchmark corporate bond deal in more than five years on Tuesday and was overwhelmed by both the quantity and quality of its order books for the dual tranche deal.
  • French car maker Renault extended its maturity profile with a new eight year deal on Thursday. The decision resulted in a deal more than three times subscribed and at a new issue premium of just 5bp.
  • Japanese issuers are rarely seen in the European corporate bond markets, but electric motor manufacturer Nidec made it two Japanese corporate bond sales in two days, following Japan Tobacco’s multi-tranche deal on Wednesday.
  • American IT services firm DXC Technology made its second visit to the European corporate bond markets on Wednesday and found a good reception from investors for its debut euro issuance.
  • Japan Tobacco took the rare step of issuing corporate bonds in three different currencies on the same day when it sold its debut euro and sterling bond deals alongside a pair of dollar tranches this week. The unusual move proved to be a successful one however, with each tranche at least three times subscribed.
  • French electricity grid operator Réseau de Transport d’Électricité this week took the record for the largest order book for a new 20 year corporate bond in style when it received €5.5bn of orders. The size of the demand was more than double the €2.3bn book, which had given the record to French tyre manufacturer Michelin three weeks before.
  • September has been the busiest month for the Middle East bond market since April, and with the deals so far largely seen as successes, bankers say there is plenty more pent-up deal flow.
  • Since the return of the corporate bond market in late August after its summer break, weekly issuance volumes have been fairly consistent. Within that though there have been a number of days without issuance and some days have been busy. Thursday was the busiest yet with six new deals pricing.