Nomura

A pair of smaller names were tempted into the euro market on Tuesday, after Monday’s news that scientists have developed another successful vaccine for Covid-19 led to a further improvement of market conditions.

The International Finance Corporation became the latest supranational borrower to hit the Kangaroo bond market on Friday, coming after the World Bank’s monstrous deal earlier in the week.

World Bank gave the flagging volumes in the SSA Kangaroo bond market a huge boost this week by printing the biggest ever bond in the sector in a single outing with a combined A$1.65bn ($1.19bn) deal across two tranches.

Gland Pharma has completed India’s largest pharmaceutical IPO, a Rp65bn ($870.6m) deal that sailed through on demand from institutional accounts. But the issuer’s Chinese ties and a wobble in pharma stocks blunted retail investor interest. Jonathan Breen reports.

Three Chinese property companies launched dollar bonds on Monday, continuing to take advantage of the post-US election momentum.

Gland Pharma, a subsidiary of Chinese conglomerate Shanghai Fosun Pharmaceutical Group, has started bookbuilding for its Indian IPO, set to be the largest pharmaceutical listing in the country.

World Bank announced a dual tranche in Australian dollars on Monday — its first syndication in the currency in 2020.

Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has set the final terms for its Rp64.8bn ($866.5m) IPO in India.

New Oriental Education & Technology Group is set to raise HK$10.1bn ($1.3bn) as it guides investors toward final pricing for its secondary offering in Hong Kong.

New Oriental Education & Technology Group, one of China’s largest private education companies, has kicked off bookbuilding for a Hong Kong secondary listing worth around $1.4bn.

Asian Development Bank printed the largest SSA kangaroo benchmark of the year on Tuesday, taking advantage of a brief issuance window and capitalising on expectations of the start of quantitative easing in Australia.

Supply in the SSA dollar market is clustered at the short end of the curve, as borrowers focus on defensive tenors ahead of the upcoming US election. Kommuninvest landed a sizeable benchmark on Tuesday, while Kommunalbanken will follow suit on Wednesday.