Banks

Spain and Cyprus attracted strong demand for their syndicated bonds on Tuesday, with the former receiving the largest ever order book for a public sector euro benchmark. Italy and Belgium will add to the eurozone sovereign supply on Wednesday after mandating leads for new 30 and 10 year trades, respectively.

Prosus, the Dutch-based consumer internet company spun off by Naspers in September, has launched a $1.25bn 10 year bond, days after it failed to convince shareholders in takeaway delivery group Just Eat to sell it the company.

Froneri, a PAI Partners-backed ice cream company, is syndicating the financing for its acquisition of Nestlé’s US ice cream business, raising €5.7bn-equivalent of first and second lien debt across three currencies.

KfW and Canada both launched dollar benchmarks on Wednesday, bringing a pair of highly subscribed and tight deals. Following their success, two Asian SSA issuers prepare to join the busy dollar market.

Ireland's Electricity Supply Board opened 2020's sterling corporate bond market on Tuesday and won enough demand to increase the £300m deal slightly.

Arkema, the French chemicals company, has issued the second corporate hybrid capital bond in Europe in as many days. Bankers say investor appetite for higher risk securities is almost insatiable.

The only thing missing from a stellar start to 2020 is a capital transaction from Italy’s Banca Monte dei Paschi di Siena.

Bahrain Mumtalakat, the country’s sovereign wealth fund, printed its $500m bond on Tuesday at 4.25% having tightened 62.5bp from initial guidance.

Prosus, the international internet business spun off by South Africa-headquartered Naspers in September, has released initial pricing guidance for a 10 year dollar benchmark at a level two analysts called attractive, given the company’s 31% stake in Chinese tech giant Tencent.

Europe’s primary equity-linked market has reopened, with a new €125m convertible bond from Pharming Group, the Dutch speciality pharmaceuticals company.

Emerging markets telecommunications firm Veon, formerly Vimpelcom, is topping up the $700m 4% April 2025s it sold in October by up to $300m, seemingly aiming to complete the size of bond originally planned.

The Asian Development Bank is “testing the market” with a new five year New Zealand dollar bond — the first Kauri deal of 2020 and the first from a SSA issuer since last August.