Banks

Ghana became the first Sub-Saharan African sovereign to access the bond market this year on Tuesday, printing tranches of dollar paper on Tuesday and receiving one of the largest order books ever for a bond from the region.

Vakifbank will be the next borrower to join the growing list of Turkish credits returning to the bond market after the nation’s currency crisis in 2018.

Qatar Islamic Bank was able to tighten its spread by 25bp on its five year dollar sukuk benchmark on Tuesday.

Crédit Agricole Italia’s eight year covered bond has the highest BondMarker average score of any deal issued so far this month. The transaction is closely followed by deals from Banco BPI and BPER Banka. Intesa Sanpaolo is leading among the six Italian covered bonds issued this year, but the survey is still open and some marks could yet improve.

Barclays gave investors a chance to buy deeply subordinated UK bank risk on Wednesday, joining a string of issuers in hitting the additional tier one market ahead of impending call dates.

The oldest private loan market in Germany has bagged the largest private company in India. Reliance Industries, the conglomerate headquartered in Mumbai and founded by Dhirubhai Ambani, has launched a Schuldschein — the first from the country, and what many market participants hope is a sign of things to come.

Market participants expect that bank capital valuations will rally much further in 2019, with investors reverting to a hunt for yield amid the prospect of interest rates being lower for longer.

China’s Minsheng Financial Leasing Co has brought loan-backed bonds back to the Asian market, reviving a structure that is rare in the region.

India’s largest telecommunications service provider Vodafone Idea has set the price for its Rp250bn ($3.6bn) rights issue, enticing shareholders with a discount of more than 60% to its latest trading price.

Chinese commercial banks’ rush to sell tier two bonds has begun. These banks look set to sell more subordinated debt this week than they did in the whole first quarter of 2018.

Chinese property company KWG Group Holdings doubled the size of an outstanding 2023 bond on Tuesday, grabbing another $350m from a tap as it used up its remaining offshore bond quota.

Shanghai Dongzheng Automotive Finance Co launched bookbuilding for a potential HK$3.36bn ($428m) IPO last week but it has now put the deal on hold. The company plans to cut the size before restarting next week.