Bank of America

The long end of the euro curve is wide open for public sector borrowers, after a pair of issuers printed deals this week and speculation grew that further central bank stimulus is on the way.

Senvion, the German wind turbine maker, has become the first of this year’s second wave of IPO candidates, announcing on Monday this week its intention to float in Frankfurt.

Unédic joined a mini resurgence in the 10 year part of the euro curve with the third new issue in the tenor in two weeks, following a one month dearth of supply.

State Bank of India has picked banks for a fresh $500m fundraising that is expected to launch into syndication in the next couple of weeks.

Delta Lloyd, the Dutch insurance company, bowed to investor pressure and cut the size of its planned rights issue by a third on Wednesday, to €650m.

Apax made on Tuesday night its first selldown of stock in Auto Trader, the UK car sales website, since floating the business last March. As had been expected after the IPO was increased, Apax was able to sell virtually its whole remaining stake in one go.

The SSA market has seen a steady stream of activity across the euro and dollar markets this week. The European Stability Mechanism priced the week’s biggest deal on Tuesday, printing €4bn in 10 and 40 year tenors. Meanwhile African Development Bank led the charge in dollars, preparing to print a $1bn no-grow in its first benchmark deal of the year.

The European Stability Mechanism raised €4bn on Tuesday with a dual tranche deal at the long end of the curve, printing a 10 year bond through mid-swaps while hitting €1bn on a tap of a 40 year bond.

Vodafone once again showed its capacity to surprise the capital markets on Monday, issuing €6bn of bonds in four tranches, only two working days after a £2.9bn convertible bond.

The European Stability Mechanism has picked banks to sell a 10 year benchmark and a tap of its €1bn December 2055 bonds, amid a strong window for duration plays in euros, said bankers.

South African Investec is refinancing a $335m credit facility and is increasing the size of the deal to $400m.

Tata Steel has received a new commitment at the senior level for its $1.5bn refinancing, with banks yet to join in general syndication.