Banks

Investors chased after a rare $300m Basel III-compliant tier two bond from Indonesia’s Bank Tabungan Negara (BTN) in both primary and secondary markets this week, sending the 12.3 times covered deal tighter in the aftermarket.

Taiwanese LCD panel maker Innolux Corp raised $300m from a zero coupon convertible bond this week, riding a new wave of demand for the asset class in 2020.

Anta Sports Products made a stellar euro equity-linked debut this week, sealing a €1bn zero-coupon convertible bond at a negative yield. The deal had its share of challenges, but showed what is possible in a market that has seen a change in sentiment recently. Jonathan Breen reports.

Future Retail’s inaugural dollar bond raised the curtain for India’s retail shopping sector, as the company leveraged on its new partnership with e-commerce giant Amazon to raise $500m. But while the industry appeals to investors, issuance pipeline from the country remains thin, writes Morgan Davis.

Turkey lender TSKB printed its $400m five year senior bond on Wednesday inside its own curve. The sale drew a $3.9bn book, allowing a big tightening from initial guidance to pricing. Following the clear success of the deal, other Turkish banks are expected to follow, starting with Isbank which was straight in with its own subordinated bond on Thursday.

Power Finance Corp sold its third dollar transaction in six months, raising $750m from a slightly longer-dated deal.

China’s Bank of Communications came out with a $1.95bn-equivalent three-tranche deal on Thursday. It opted for a bigger dollar portion and a slimmer offshore renminbi (CNH) bond, compared with its last outing.

Latin America’s rising star Paraguay took advantage of low sovereign issuance from the region so far this year to tap existing 30 year bonds with a negative new issue concession, according to debt capital markets bankers.

Three Chinese real estate companies raised $850m between them from the dollar debt market on Wednesday.

Italy and Belgium were the latest eurozone sovereigns to build their largest ever order books for syndicated bonds on Wednesday, with the former coming close to breaking the record demand from a eurozone issuer set by Spain on Tuesday.

The University of Oxford has reopened its sterling century bond, as bankers away from the deal called the yield available at that maturity "incredible".

Russian brokerage BCS Global Markets has appointed a senior banker from HSBC as head of capital markets and investment banking.