UBS

As many as eight covered bonds were launched across three currencies this week, the vaguely discernible pattern suggesting better interest for the larger deals with intermediate maturities and particularly those from non-eurozone issuers where liquidity is most likely to be better.

Corporates from Hong Kong, China and Singapore were clamouring for investors’ attention on Thursday for their respective offerings.

Agence Française de Développement made its 2017 debut with a €1.5bn five year on Wednesday, but longer dated euro deals seem to be struggling as European Investment Bank found with a April 2032 tap.

The treasury team at BASF, the German chemicals producer, kept up a high level of capital markets activity on Tuesday as it targeted a debut transaction in the Eurodollar market.

Primary activity in the European leveraged loans market is off to a stuttering start this year, with only a few small deals launched and larger borrowers either yet to appear or set to forego the market.

Morgan Stanley and UBS are looking to bump up their stakes in their respective securities joint ventures in China to the maximum 49%, said sources from both banks.

Covered bond issuers from Europe’s core accessed the market across a range of intermediate tenors this week with LBBW, Compagnie de Financement Foncier (CFF) and Helaba issuing some of their largest deals in years.

Four covered bonds issuers raised almost €6bn between them at the long end of the curve this week, suggesting borrowers are prioritising tougher, longer duration deals. And while conditions permit some are issuing in the largest size possible.

China Aoyuan Property Group raised $250m in the first bond issuance from Asia ex-Japan this year, with investors flocking to the deal and driving the order book to a 10 times subscription.

Syndication of the acquisition financing loans for Lonza and Sibanye Gold is expected to begin soon, as loans bankers begin 2017 in an optimistic mood.

ABN Amro issued its third 15 year covered bond in three years on Wednesday and, in a surprise late addition, tacked on a sub-benchmark 20 year.

BDO Unibank has fixed the terms for its Ps60bn ($1.2bn) rights issue, marking a rare — and large — appearance in ECM from the Philippine lender.