Nomura

India’s equity capital markets have had a strong start to the year, pumping out a steady flow of large IPOs and secondary share offerings on the back of a big uptick in foreign investment. The country’s ECM pipeline is offering banks relief amid a slowdown in Hong Kong. Jonathan Breen reports.

Citic, Yango Group Co and Kunming Industrial Development and Investment Co were the three Chinese issuers that tapped bond investors for new dollar deals on Tuesday.

Belgium was able to print a large 20 year benchmark bond on Tuesday, pulling in a book of €27bn. But despite the size of the demand, investors were reluctant to follow the price more than 1bp from initial guidance.

Two public sector borrowers hit screens with new issues on Monday, with Belgium choosing a 20 year and Madrid opting for a 10 year sustainable bond.

Saudi Arabia's Dar Al-Arkan Real Estate Development Company will issue its second sukuk in four months as it embarked upon a roadshow on Monday for a seven year Reg S dollar deal.

SBI Cards and Payment Services is preparing to launch its IPO of up to Rp95bn ($1.3bn) in the first week of March after getting the go ahead from the market regulator, according to a source close to the deal.

Rating: Baa3/BBB/BBB

Borrowers hit screens in euros from three to 50 years this week, all enjoying heavily subscribed books and pricing with skinny new issue premiums thanks to investors’ confidence in consistent support from the European Central Bank.

Nomura has made sustainability one of the pillars of its fightback in investment banking, as it joins the race to harness the power of sustainability-related M&A and capital markets deals.

The syndication of loans to fund Hellman & Friedman’s carve-out of AutoScout24 has seen strong demand, sufficient to support pricing through the tight end of talk on both tranches. The deal has also been recut to squeeze out a larger first lien, cutting the cost of a deal that is among the most levered public issues seen in Europe since the 2007-08 financial crisis.

First Abu Dhabi Bank capped a productive week for both itself and GCC issuers on Wednesday as it sold a £450m three year bond to sterling investors who were raring to diversify their holdings.

Piraeus Bank took advantage of the recent hunt for yield in the euro market this week, pricing a new tier two with a yield of 5.5% on Wednesday. The €500m bond was eight times subscribed, which is testament to the prevailing hunt for yield in the bond market.