Banks

Sweden has joined the throng of SSA borrowers making up for the dollar market's weak start to the year, bringing its first deal in the currency for over a year. It follows a trio of new issues that achieved tight spreads.

Rentenbank hit screens on Wednesday to announce a 10 year euro benchmark, joining a resurgence of long-dated euro supply.

The hectic spell of sterling borrowing by SSA borrowers has yet to run its course. A European supranational hit screens in the currency on Wednesday for its second bond of the year in the currency.

UBS is appealing a decision in France that would see it pay €4.5bn after being found guilty of helping clients defraud the tax authorities. The total amount topped market expectations, dwarfed the bank’s provisions for litigation, and gobbled up its 2018 net profits and then some.

Crédit Agricole was building momentum behind a new additional tier one in the dollar market on Wednesday morning, the third deal in the asset class in the space of seven days.

Egypt’s triple tranche $4bn bond drew a huge book of over $19.5bn on Tuesday in a deal that bankers away from the mandate said was a huge success, underscoring the phenomenal market conditions available to issuers.

BBVA and Rabobank were both selling non-preferred senior bonds in euros on Wednesday, with investors showing a real thirst for new supply after a quiet start to the year.

Bahrain Mumtalakat Holding Company, the country's sovereign wealth fund, has tightened price guidance for its five year sukuk with order books for the deal already over $2.5bn.

CPI Property Group, which owns real estate in Berlin and central and eastern Europe, has mandated four banks for a roadshow to market its first dollar bond.

Bank Muscat's Islamic banking arm, Meethaq, has requested proposals from banks for its debut loan syndication.

UniCredit’s German subsidiary, HVB, attracted much more demand for a €500m tap of a 10 year benchmark on Wednesday than when the bond was originally issued in January. Not only that but it did so at a tighter spread and new issue concession. The strong execution underscores just how much market sentiment has improved.

China Citic Bank International has priced a $500m Basel III-compliant tier two deal inside fair value, as the lender looks to switch out of a legacy tier two that not only has a high interest rate but has also lost most of its capital recognition over time.