Bank of America

A trio of benchmark issuers hit the dollar market on Thursday to ensure June got off to a brisk start as investors remained in risk-on mode in a holiday shortened week.

There was just a smattering of public sector dollar deals this week — but a wide difference in how they fared.

KommuneKredit fell short of full subscription with a three year dollar benchmark on Thursday, with few updates provided through the book building process.

The Irish government has fired the starting gun for the IPO of Allied Irish Banks (AIB), a potential €3bn deal, even though this means it will be in the market right through the UK general election, writes Aidan Gregory.

Investors threw their weight behind two IPOs in Asia this week, with WuXi Biologics set to price at the top of expectations in Hong Kong and Singapore’s HRnetGroup getting covered across the range.

WuXi Biologics is set to price its HK$3.9bn ($510.4m) IPO at the top of expectations following a blockbuster response from investors.

North London football club Tottenham Hotspur has signed a £400m five year loan with a group of banks to finance the building of its new almost 62,000 seater stadium.

Public sector borrowers are aiming for the short end of the dollar curve, as swap spreads in the area hover around the spot in which they started 2017, having dropped sharply from the year’s highs hit in March.

The long-awaited re-privatisation of Allied Irish Banks has begun at last, after the Irish government decided to press ahead with the IPO, which could raise about €3bn, in a sign of confidence in Ireland's economic recovery and the European IPO market.

The Export-Import Bank of China (Chexim) is set to hold investor calls for a euro fixed rate five year bond and a dollar floating rate three year. India’s Canara Bank, meanwhile, will meet accounts in Asia and Europe for its first dollar outing since 2013.

DBS Group Holdings is preparing its comeback to the international bond market, having mandated leads for a senior outing denominated in dollars.

Asian Development Bank will visit the rare four year part of the dollar curve on Wednesday, after picking banks for a minimum $1bn June 2021 global.