Bank of America
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UK airport Heathrow landed orders for more than five times its £250m offering on Wednesday, in a week with less than €500m of new paper in sterling and euros in the high yield bond market. -
Borrowers in the public sector debt market are still enjoying the afterglow of Emmanuel Macron’s victory in the French election but, with Ascension Day sidelining much of Europe and a UK bank holiday Monday, the pace is expected to slacken.
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Korea Gas Corporation is getting ready to gauge investor interest for a new dollar bond, and will kick off a roadshow in Europe in June.
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The Kingdom of Belgium hit the long end in euros on Tuesday, taking advantage of a healthy market to raise €3bn with a 20 year bond. Meanwhile, Nederlandse Waterschapsbank (NWB) announced a tap of a 2041 line.
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KfW launched a three year global on Tuesday, raising $5bn, while Japan Bank for International Cooperation picked banks for a four tranche dollar trade.
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KfW will be the first public sector borrower to test a dollar market where swap spreads have rebounded off the 2017 lows they hit in the middle of last week.
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Nanyang Commercial Bank is seeking a dollar-denominated Basel III compliant additional tier one deal.
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Nan Hai Corp grabbed $500m on Thursday with the sale of a three non call 1.5 year bond, pushed to an investment grade rating thanks to a standby letter of credit from China Citic Bank Corp’s Shenzhen branch. Meanwhile, Sinochem Hong Kong (Group) Company sealed $300m from a club-like transaction.
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A swirl of allegations surrounding US president Donald Trump this week added a rally in US Treasuries to already tightening dollar swap spread, creating an uncertain environment for public sector issuers considering dollar deals next week.
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