Bank of America
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The European Stability Mechanism mandated banks on Monday for its second ever dollar benchmark, following the launch of its dollar programme last year. The supranational will likely issue a size of $3bn to complete its funding needs for the year, according to SSA bankers. -
Thailand Future Fund hit screens on Friday, with a set of cornerstone investors looking to help get its Bt44.7bn ($1.4bn) IPO across the line.
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A global equity sell-off mid-week caused some jitters among bankers covering a live Kommunalbanken dollar deal on Wednesday, but the nervousness proved unfounded as the trade came through to acclaim. The deal was typical in a week where SSAs priced tight and with big books despite choppy wider markets.
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Conagra Brands became the biggest high-grade casualty of market volatility when it pulled a multi-billion M&A financing on Thursday.
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Agence Française de Développement got over the line with a 16 year euro benchmark on Thursday, but was unable to tighten the spread from guidance and paid a new issue premium of around 5bp.
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Agence Française de Développement mandated banks on Wednesday for a 15 year euro benchmark amid rising investor appetite in that part of the curve.
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SSAs are enjoying strong conditions in dollars, with KfW and the Province of Ontario finding plentiful demand on Wednesday despite bringing deals that on-looking bankers said were “pretty much” in line with secondaries. Kommunalbanken will price a dollar benchmark on Thursday that leads said was following a similar pattern.
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Hyundai Oilbank, a subsidiary of South Korean shipbuilding firm Hyundai Heavy Industries, is expected to delay its IPO until 2019, according to a banker working on the deal.
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KfW and the Province of Ontario will hit separate parts of the dollar curve on Wednesday, with the former circulating what one on-looking banker described as “punchy” price thoughts. The deals followed a well-received floating rate note from a German Land that doubled in size.
