Banks

The European Financial Stability Facility (EFSF) and Municipality Finance drew plenty of interest in the short end of the euro curve on Thursday, with one of EFSF’s leads calling the three-year tenor the “perfect storm”.

Deutsche Bahn, the German railways company, wrapped up a roadshow for a dual tranche hybrid on Thursday, with investors looking at a trio of other issuers from a variety of industries for comparable notes.

Cadent Gas, the UK gas distribution company, concluded a tender offer, buying back £400m ($498.25m) of its 2021 bonds, with investors offering to sell back more than the maximum target.

Asian Development Bank hit the market twice on Thursday, grabbing $3bn of five year paper and selling its debut green bond — a £250m seven year trade.

Standard Bank is expected to raise $1bn in the loan market, up from an initial target of $500m, and slash the pricing of a three year loan by roughly 30bp.

Sponsors that are bullish on the project finance market for solar assets in Texas have begun to explore contract structures that preserve more potential upside in their hedges while still providing comfort to lenders and tax equity investors.

Lesser-known Italian financial institutions have moved to the front of the pipeline in the financial institutions bond market, as larger and more frequent funders begin slipping into blackout periods ahead of reporting third quarter earnings.

Kernel, a Ukrainian agricultural producer, hit the market on Thursday with a five year non-call three year. In spite of fears around Ukraine’s future relationship with the IMF, the leads have set initial price thoughts at a level onlookers are calling “aggressive”.

Birmingham Airport has sold 30 and 31 year US private placements, as airports and port operators in Australia and Europe carve out a healthy chunk of market volume.

Dar Al-Arkan, a Saudi Arabia-based real estate developer, raised $600m on Wednesday with a February 2025 sukuk, defying market volatility to offer little in the way of new issue premium.

Sri Rejeki Isman (Sritex) sold an opportunistic $225m bond on Wednesday, becoming the first high yield Indonesian issuer in five months. The company offered investors a juicy premium, which was necessary to appease buyers burnt by turmoil around fellow textile company Duniatex.

Fangdd Network Group, an online platform for real estate agents, is planning an IPO on the Nasdaq, having filed draft documents with the US securities regulator this week.