Banks

CPI Property Group printed a Reg S tap of its $350m 4.75% March 2023s on Monday, but some chopping and changing over the size during execution had some rival syndicate managers expressing consternation.

A cavalcade of “familiar names” have come to the market over the last week. SSAs, corporates and FIG issuers printed across the euro curve, while a trio of supranationals were also active in emerging market currencies.

UBS’s investment bank had a mixed performance in the second quarter, with advisory and underwriting performance defying expectations to rise by some way, while trading revenues fell, the bank showed in its results on Tuesday.

Central American sovereign El Salvador will begin meeting bond investors on Wednesday as it looks to issue its first international bond under president Nayib Bukele.

As Turkish bank borrowers prepare to refinance existing debt, a plethora of domestic and geopolitical troubles has once again brought pricing into question. Though secondary market spreads remain tight, bankers say primary issuance could widen.

Greenko Energy Holdings found ample support for its $950m dual-tranche bond, thanks in part to the duration it offered investors, as well as the positive sentiment surrounding India.

Chinese local government-owned Dalian Deta Holdings Co has debuted in the international bond market for $300m, while repeat issuer KWG Group priced a tight transaction on Monday.

FedEx has returned to the euro market for the second time in 2019. Having issued a €640m 3.3 year back in January, the Baa2/BBB US logistics company printed a €1bn six and 12-year dual-tranche on Monday. After a drop in reverse Yankee issuance last year, the euro market has proven attractive to US issuers this year, with a steady stream of deals through the first half of 2019.

German car parts maker ZF Friedrichshafen, which issued the largest ever Schuldschein in late 2015, is set to make a grand return to the market this year.

KfW picked banks on Monday for its first green bond in sterling since July 2015, as it increases the volume of its green bonds under its new framework.

Italian manufacturer Industria Macchine Automatiche (I.M.A) has raised €50m of Euro private placement notes (Euro PP).

Polish convenience store operator Żabka Polska is expected to close its dividend recap imminently, according to market participants. Bankers have compared the deal to the dividend recap transaction that Polish e-commerce platform Allegro completed in May.