Nomura
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Handelsbanken is set to return to the Australian dollar market for the first time in nearly two years this week, as Aussie dollar senior paper rallies thanks to the long term absence of funding from the market's major domestic banks. -
BNP Paribas and UBS opened the offshore Australian dollar FIG market for 2021 this week, with a pair of new senior deals.
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Indian auto parts firm Sona Comstar is set to file paperwork for an up to Rp60bn ($827.9m) IPO, according to a source close to the deal.
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SciClone Pharmaceuticals, which manufactures a possible treatment for the coronavirus, hit the IPO market with a HK$2.18bn ($281.2m) offering on Friday.
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There were flashbacks to last month’s Spanish syndication in the bond market this week as Italy made an emphatic start to the Draghi era in the BTP market. The borrower shed billions of orders on Tuesday after aggressively pricing its first syndication since the appointment of the ex-ECB chief as the country’s prime minister. Burhan Khadbai reports.
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This week was the busiest of the year so far for bank senior supply in euros, as issuers took advantage of strong market conditions after posting full year results.
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Italy hit the market with a dual tranche on Tuesday, raising €4bn with a 30 year linker and €10bn with a new 10 year BTP. A sharp move in pricing on the 10 year leg meant it lost €45bn of orders, but SSA bankers on and off the deal said the trade was still a good result.
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Italy came to the market for its first syndication since a seismic rally in the sovereign’s bonds after Mario Draghi agreed to form a new government earlier this month. But despite the huge confidence from investors in BTPs, a compression of 4bp from initial price thoughts for a new 10 year led to a dramatic loss of over €45bn orders.
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Italy hit screens on Monday to announce a dual-tranche syndicated deal comprising a new 10 year benchmark and 30 year inflation-linked bond.
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The European Investment Bank and Caisse d’Amortissement de la Dette Sociale (Cades) took centre stage in the public sector dollar market this week, ahead of the Lunar New Year, with EIB selling its first 10 year benchmark in the currency since 2015.
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