Bank of America
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Greece’s highly anticipated return to the public bond markets on Tuesday met with a strong reception from investors. With up to €4.5bn more of benchmark bonds to issue in 2019, Greece is expected to return to the markets for a second syndication this year, which bankers say could be in the 10 year part of the curve. Cyprus will look to follow up on Greece’s success after setting out plans to roadshow a euro transaction in February. -
Austria's 10 year syndication on Tuesday received a final order book that was almost twice the size of its previous record volume. Belgium was also in the market with its second OLO of the year, opting this time for a much longer maturity. Both deals were in keeping with eurozone sovereign supply this year, comfortably printing a combined €10bn from over €55bn of orders.
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Chinese new economy company Maoyan Entertainment priced its Hong Kong IPO this week, after a short delay that allowed it to add a high-profile cornerstone investor. Don’t let the deal’s bottom-of-the-range pricing fool you: the company and its banks made the right move.
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Austria, Belgium and Greece went out with mandates for syndications at various parts of the euro curve on Monday, just a day before a crunch vote in the UK Parliament on amendments to prime minster Theresa May’s Brexit plan. But bankers said concerns around Brexit are limited and are no roadblock to sovereign issuance.
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Chinese firm Maoyan Entertainment has sealed its IPO at the bottom of guidance, raising HK$1.96bn ($249.8m) in Hong Kong after an extended roadshow.
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The UK Debt Management Office has appointed a four bank syndicate to run the final syndication of its 2018/19 financial year.
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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Citigroup’s first green bond issue has been a long time in coming, but the issuer was elated with the result of the €1bn deal on Wednesday, which was sold into a bond market where investors had slammed the risk pedal to the metal.
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It was another sparkling week in dollars for public sector borrowers, with Asian Development Bank the pick of the bunch as it brought the tightest deal of the year so far versus Libor and US Treasuries. More supply is expected for next week, although some SSA bankers feel the market could do with a “breather”.
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The socially responsible investment market in SSAs is picking up pace in 2019, with a supranational bringing a deal in a debut format and other issuers preparing inaugural trades.
