Banks

The first issuer representing the United Arab Emirates (UAE) as a federal entity came to market this week. The deal was part of a trio from the Middle East, none of which offered investors anything in the way of new issue concession.

This Thursday was Fat Thursday, a Polish equivalent of Pancake Day, celebrated by the consumption of doughnuts. But Poland’s Ministry of Finance fed socially responsible investors a different treat this year: €2bn of green bonds.

Loan investors succeeded in the ‘game of chicken’ in setting deal terms on the first two major new money acquisition loans in the European market this year, winning a package of concessions that could help achieve a better balance between borrowers and lenders in a market that has seen documentation deteriorate.

Two Turkish issuers were back on screens this week as the country continues its rehabilitation in the capital markets. QNB Finansbank printed with a 10bp new issue premium, according to one lead manager, a level which he said shows how far Turkey has come since the sovereign paid up 50bp for its post-volatility return to market trade in October.

Galicia on Thursday made a triumphant return to the bond markets on Thursday as it became the latest Spanish autonomous community to print after several years away.

Koç Holding, Turkey's largest holding company, has mandated three banks for a five or seven year dollar RegS/144A benchmark. An investor has said that given recent Turkey volatility, he would want to see a much larger premium over the Turkey curve for the longer of those two options.

QNB Finansbank has revised initial price thoughts for its benchmark dollar 5.5 year bond, with books for the deal over $1.4bn. Both an investor and a syndicate official had said earlier in the day they expected tighter pricing.

ABN Amro, one of the banks at the centre of the global financial crisis in 2008, hopes that a new structure designed to deliver on a corporate and institutional banking (CIB) strategy anchored closer to home will allow it to prosper.

The first issuer representing the United Arab Emirates as a federal entity came to market this week. Emirates Development Bank raised $750m with a five year, surprising market participants with an aggressive pricing strategy.

Chemicals company China Risun Group has kicked off the deal roadshow for its Hong Kong IPO, eyeing proceeds of up to HK$1.9bn ($243.1m).

Futu Holdings, theparent of Hong Kong-based Futu Securities International, has hit the road with an up to $130.8m Nasdaq IPO. The firm has cut the size of its float amid shaky markets, but the deal is still being used as a yardstick by its larger competitor Tiger Brokers, which is snapping at Futu’s heels with its own US listing. Jonathan Breen reports.

Poland is in the market for its most ambitious green bonds yet. It has opened books for two tranches of euro debt, hitting the 10 and 30 year maturity buckets.