RBC Capital Markets

The Nordic Investment Bank launched a two year dollar global on Wednesday, providing what looks like the week’s final issuance. The leads opted to forego price guidance, choosing a level as the deal hit screens on Tuesday.

The dollar market is grinding on throughout the summer, with public sector borrowers pushing out deals at the short end, although none have been in benchmark size this week. Two issuers launched transactions on Tuesday with a third slated to follow on Wednesday.

The Province of Alberta has returned to the sterling market, following its debut in the currency in February.

Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany

AT&T racked up a monster order book on Thursday, as the US telecoms giant hit the market with a $22.5bn M&A financing.

FMS Wertmanagement was this week the latest public sector issuer to enjoy enviable conditions in the dollar market, and after a US Federal Reserve meeting this week passed without any major surprises more borrowers are rumoured to be looking at trades for next week.

With no new issues pricing on Thursday, and no sign of Superstrada Pedemontana Veneta’s €1.55bn dual tranche deal, it could be left to The Housing Finance Corp (THFC) to save the investment grade corporate bond market from a three day run without any issuance.

The three new issues and one tap that priced in the investment grade corporate bond market this week were all two to three times oversubscribed, but a thinning supply pipeline and the excuse of a Fed meeting meant no deals were launched on Wednesday or Thursday. However, three issuers are looking to issue before the summer break, following meetings with investors.

The corporate bond deals priced so far this week show a robust market. A US Federal Reserve meeting and a thinning pipeline may have resulted in a maiden over of a Wednesday, but hopes are high of primary business picking up before the end of the week.

Bain Capital’s Diamond, the cleaning chemicals business, had to remove a controversial restricted payment clause before printing the triple-C rated bonds of its new financial structure on Tuesday.

Metro Bank, the UK challenger bank, completed a 9.9% capital increase on Tuesday evening, after announcing its fourth consecutive quarterly profit.

FMS Wertmanagement nipped into a quiet dollar market on Tuesday, pricing a five year global benchmark flat to its curve after taking the unusual step of jumping 2bp from opening guidance in one step.