MUFG

Austrian wood products manufacturer Egger Holzwerkstoffe sold its third hybrid capital deal on Monday, with its largest size and lowest coupon to date. At the same time, Brisbane Airport announced plans to diversify its investor base.

Saudi Arabia has increased its loan from $10bn to $16bn as banks line up to join the facility, according to a statement from its Debt Management Office (DMO).

Vietnam’s state-owned VietinBank bagged commitments from 12 banks for its $100m loan during general syndication, with lenders from Europe, China and India jumping on-board.

The new issue US dollar bond market roared back to life as volatility dropped and corporates took advantage of favourable conditions with $17bn of supply coming from 19 borrowers.

Six of the nine investment grade corporate new issues in the last week of February were announced with a three letter acronym that, while providing clarity, served to frustrate investors keen to see greater volumes of issuance. WNG stands for “will not grow” and this week told investors that the meagre sized deals would not be increased, irrespective of demand.

Europe’s syndicated loans bankers say recent transactions highlight how cut-throat the market is for lenders, as the European Commission gets under way with a study on market practices.

Before 2017, US crowd services provider Equinix had not issued a bond in euros. But it has now visited the European high yield market three times, having completed its latest deal on Wednesday.

Five new investment grade corporate bond deals were priced on Tuesday and, while pricing was competitive, none of the issuers allowed for any growth in the size of the deals as all five used a no-grow strategy.

Indian state-owned refiner Hindustan Petroleum Corp (HPCL) has mandated four lenders for a new offshore syndicated loan.

Two Indonesian finance companies that serve customers in the automobile sector have launched deals in quick succession.

A number of Indian issuers are preparing to head to the international debt market, as the appeal of offshore fundraising rises amid pressure in the domestic bond market.

India's Tata Steel, which mandated a group of 21 lenders in January for a new loan, has shrunk the size of the fundraising following a blowout bond issuance.