Banks

Montenegro came to market on Thursday for its first ever 10 year bond. Demand for the euro deal proved strong enough for the issuer to raise €500m and allowed the leads to set the yield roughly flat to fair value.

Crédit Mutuel Arkéa has become the third European bank in 10 days to sell its first social bond, weighing into an under-serviced part of the market for socially responsible investors.

Kazakhstan printed a €1.15bn dual tranche bond on Wednesday from a book of more than €3bn at its peak, at levels that lead managers said were 6bp inside the curve for the seven year and 4bp inside for the 15 year. Bankers away from the deal saw fair value differently but conceded that there could be different views on the calculation.

Strength across the board, top positions in rates and FX and smart strategic decisions around the structure of its business mean that Bank of America Merrill Lynch is GlobalCapital’s Global Derivatives House of the Year for 2019. The bank also picked up the Interest Rate Derivatives House of the Year and FX Derivatives House of the Year awards.

Nasdaq-listed Pinduoduo became the latest in a growing line of Chinese companies to tap the US convertible bond market, pocketing $875m after pricing its debut issuance at the tight end of guidance.

Taqa, the Abu Dhabi National Energy Co, is in the market on Thursday for its first 30 year bond since 2006.

Singapore’s credentials as Asia’s hub for real estate investment trusts were underlined this week, as an ideal market backdrop triggered a burst of Reit activity. With Lendlease Reit scooping up S$740.3m ($536.5m) from its hugely popular IPO, and more deals on the way, the Lion City offers big opportunities, writes Jonathan Breen.

One of China’s largest oil companies, Cnooc came to the market with a $1.5bn dual-tranche deal, giving investors a chance to buy into a single-A rated state-owned name.

Investors’ hunt for yield worked in Road King Infrastructure’s favour, with its $480m bond eight times covered at the peak. Most accounts stayed in the trade despite its tight pricing.

Hong Kong Telecommunications (HKT) proved this week that investors are still eager to buy bonds issued by companies with a focus on the Hong Kong SAR, despite the ongoing political turmoil. But that confidence will face a big test as names such as Cathay Pacific and Li & Fung get ready to hit the market. Addison Gong reports.

Siberian Anthracite, the largest producer of anthracite coal in Russia, has closed a dual currency loan refinancing, adding a large euro chunk to its existing dollar debt. The deal points to a growing inclination towards euro funding among Russian borrowers in a bid to avoid operational and sanction-related obstacles, say bankers.

Samhi Hotels is planning a mixed primary and secondary listing, expected to raise around Rp20bn ($280m), said a source familiar with the matter.