Nomura
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A trio of SSA borrowers hit the market for dollar paper this week, testing the waters across the curve and finding investors receptive. Although the top tier names are mostly well funded, demand is still hot for the extra yield offered by the second layer of SSA borrowers. -
Caisse des Dépôts et Consignations issued its yearly Samurai bond on Thursday, raising ¥20bn ($190m) with a dual tranche.
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Market participants said that de Volksbank was close to sailing through fair value with the pricing on its new tier two on Wednesday, the first such deal in green format from a European bank.
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South Korea’s Doosan Infracore Co used a guarantee from Korea Development Bank to sell a $300m three year bond on Tuesday.
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The Inter-American Investment Corporation (IDB Invest) raised $1bn with a three year bond on Tuesday, while the Japan International Cooperation Agency tested the water with a 10 year dollar transaction, opening up an opportunity for the Province of Alberta to follow suit.
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De Volksbank is set to become the first European bank to issue tier two capital in a green bond format.
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Following investor calls last Friday, two public sector borrowers hit the market for new dollar bonds on Monday, with IDB Invest going for a three year maturity and the Japan International Cooperation Agency making a rare appearance for a 10 year trade.
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Market participants expect that bank debt issuance activity will slow down in anticipation of earnings season over the next few weeks. But deal arrangers suggest banks will still be keen to access the primary market during this period, should conditions remain favourable.
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Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has filed preliminary IPO documents with India’s securities regulator for a listing.
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Following the sale of its third syndication of the year this week — a €3bn inflation-linked bond — France does not expect to bring any more public benchmarks in 2020.
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France hit screens with a 15 year inflation-linked bond on Wednesday, raising €3bn with its first syndicated linker since 2018, capitalising on growing demand for inflation-linked products.
