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After Monday’s British flavour to corporate bond issuance, German property company, Grand City Properties, and French food services company, Sodexo, brought deals to the market on Tuesday. Grand City printed a €600m nine year new issue and Sodexo tapped its €600m 0.75% April 2027 deal for €200m.

Everbright Water wrapped up its first Panda bond on July 21, raising Rmb1bn ($148m) from a five year deal in the exchange market. The company had originally planned a longer tenor deal, but backed down after considering the cost.

Eversholt Rail, the UK railway carriage leasing company, returned to the bond market after a six year gap today, to borrow £400m of 25 year amortising debt.

Longfor Properties completed its dual tranche Panda bond debut on July 20, pricing three and five year tranches in the middle of guidance. But the issuer had to make a last minute tweak to its plans as investors gave clear priority to the shorter term notes.

European Central Bank president Mario Draghi may have signed off for the summer by dampening debate around tapering of the ECB’s bond purchasing, but investors are still at their desks with money to spend.

DS Smith was warmly welcomed back to the European corporate bond markets by investors, nearly two years after its inaugural deal. The UK packaging company received a strong orderbook for its euro tranche, but an even stronger book for its debut sterling tranche.

Italian electricity network operator Terna brought its first new issue of 2017 on Wednesday and benefitted from strong demand for triple-B rated bonds. The €1bn 10 year deal had an orderbook of €1.6bn and printed with a new issue premium of 8bp-10bp.

Eurofins Scientific and Thermo Fisher Scientific both held investor update calls on Monday — and both announced deals on Tuesday. The science double bill proved no horror story, though, with investors clamouring for unrated Eurofins as well as Thermo Fisher’s jumbo multi-tranche deal.

Thermo Fisher Scientific announced in May that it was to acquire Patheon for $7.2bn, including $2bn of net debt. Thermo Fisher expected to finance the deal with $5.2bn of debt and $2bn of equity. On Tuesday it put a big dent in the debt figure with a €2.6bn four tranche corporate bond offer.

Steinhoff Europe made its debut in senior euro corporate bond markets on Monday and was the only issuer to offer investors a transaction on the day. The €750m 7.5 year deal followed a European roadshow last week.

ADO Properties made its debut in the corporate bond market on Thursday, following a roadshow earlier in the week. The €400m seven year deal provided further supply for investors keen to buy higher yielding triple-B rated credits, but the supply line is fading into the summer sun faster than the demand.

For months investors have been complaining about how far pricing moves from initial price thoughts to guidance and again in final pricing in the corporate bond market. On Wednesday, Vodafone responded with a new approach to marketing. The response, however, was not what those involved expected, writes Nigel Owen.