Credit Suisse

Alchip Technologies, a Taiwanese semiconductor manufacturer, has raised $195.5m after increasing a placement of global depository shares (GDS).

Tight valuations in euros are making it difficult for banks to impress investors with new senior trades. Issuers may have to pay up or switch focus to other asset classes to make the most of the January market.

After a near two year absence, Deutsche Bahn pulled into the Swiss franc market to issue 15 year debt with no new issue premium this week, landing inside its own euro curve.

Rating: Baa1/BBB+/A-

Fundamentals are becoming more important again in Europe’s corporate bond primary market, but the power of the European Central Bank technical trade in the secondary market is quickly washing away new issue concessions.

SK Hynix was overwhelmed with investor demand for its triple-tranche dollar deal on Wednesday. It raised $2.5bn, but non-stop demand drove the bonds nearly 20bp tighter in the secondary market on Thursday.

The high grade corporate bond market was again packed with deals on Wednesday, with syndicate bankers expecting no let-up in activity and the week to end on a bang.

Europe’s high grade corporate bond market is showing no signs of slowing down, with new issues again breezing through fair value.

Beijing Capital Group Co, which marketed a two-tranche deal on Monday, decided to ditch the planned perpetual note and instead price a larger senior tranche for cost reasons.

Vietnam’s Masan Group Corp is inviting lenders to join an up to $250m loan to support an investment into one of its subsidiaries.

Chinese electric vehicle manufacturer Nio is tapping the equity-linked market for a jumbo convertible bond, as it looks to add more to its coffers just a month after a multi-billion-dollar share sale.

Vingroup Joint Stock Co has launched an up to $400m loan to the market.