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  • French optician Alain Afflelou is considering a yield of about 4.5% for its first bond since suspending plans to float on the Paris bourse. Investors branded the figure “punchy”.
  • French telecoms company Altice has opened books on a €500m 10.25 year non-call five year senior bond, days after launching a leveraged loan.
  • On Thursday the European corporate bond markets had two new telecoms deals to consider. In the investment grade sector, unrated French issuer, Iliad, equalled its largest and longest transaction to date. The seven year trade was the shorter deal on offer, with sub-investment grade Telecom Italia opting for a 10 year tenor.
  • After three days without a deal, the euro corporate bond market reopened with nearly €2bn of new issuance from three different issuers. The auto finance lender, FCA Bank, issued a three year deal, French electrical equipment manufacturer, Legrand, sold six year bonds, while French toll road operator, Cofiroute offered a 10 year transaction.
  • On Wednesday sterling corporate bond investors had to evaluate the three latest tranches from property companies as Segro sold a £750m 12 year and 20 year offering and Notting Hill Housing Trust brought a £400m 31 year deal.
  • Sterling corporate bond investors had three tranches of property company debt to evaluate on Wednesday, as Segro issued a £750m 12 year and 20 year deal and Notting Hill Housing Trust a £400m 31 year.
  • High yield and emerging market crossover issuer Puma Energy saw demand of more than $2bn for a seven year non-call three year bond on Tuesday, prompting the issuer to slash pricing and increase the size of the trade.
  • The investment grade corporate bond markets in Europe have stood firm in the wake of the mass shooting in Las Vegas on Sunday and political uncertainty in Catalonia. German Unity Day led to a third blank day for corporate bonds in Europe, but syndicate managers were comfortable about new issuance conditions for the foreseeable future.
  • As Dongfeng-Nissan Auto Finance prepares for its third transaction in China’s asset backed securities (ABS) market this year – a Rmb3.5bn ($527.4m) two-tranche deal – the originator is ditching the single tranche structure it switched to for its August transaction.
  • Global Logistic Properties is coming back to the Panda bond market after a year-long absence, approaching the interbank market with a Rmb1bn ($150.7m) five year note pricing on October 13. But while investors will be familiar with the issuer, the new bond bears little resemblance to GLP’s previous offer.
  • Corporate bond issuers are targeting the second half of this week to bring their deals to market. Tuesday’s German Unity Day public holiday is being seen by syndicate managers as having more of an impact on issuance plans than Sunday’s events in Catalonia.
  • September has not been as busy by volume as usual in the corporate bond market, but that is more because of the size of deals, rather than the number. Syndicate managers expect this trend to continue in October with healthy pipelines in front of them.