Barclays

Two supranationals are on screens for ESG firsts. The European Bank for Reconstruction and Development (EBRD) has announced its first green transition bond, while the Asian Development Bank (ADB) is preparing its first foray into the green bond market in sterling, capitalising on strong appetite from UK pension funds.

Italy delighted investors with its first dollar bond in almost a decade on Wednesday, as it raised $7bn across three tranches. However, bankers away from the deal said the sovereign paid up over its domestic cost of funding — something it had originally planned to avoid.

The European Financial Stability Facility (EFSF) is preparing its first benchmark of the fourth quarter and Ireland has picked the banks to lead the first tap of its sovereign green bond.

The Export-Import Bank of China (Chexim) came to the bond market in two currencies on Tuesday to raise $1.068bn, pricing the euro tranche at an impressive zero coupon.

Indian telecommunications company Bharti Airtel’s efforts this year to deleverage were capped with the issuance of a subordinated perpetual $750m bond on Tuesday. The deal, alongside further stake sales planned for the rest of 2019, puts the company on track for a more stable debt profile. Morgan Davis reports.

Public sector borrowers enjoyed healthy subscription levels and minimal new issue concessions in the five year part of the curve as they returned to the dollar bond market following the Golden Week break in China.

CK Hutchison, the Hong Kong conglomerate, took more than €10bn of orders on Tuesday for a six-tranche bond in euros and sterling as it opted not to squeeze the pricing as much as other recent deals.

Italy is out with initial price thoughts for its first dollar bond since 2010 as it aims to rebuild its curve in the currency. The sovereign is taking indications of interest for five, 10 and 30 year maturities, ahead of an expected launch on Wednesday.

Deutsche Bahn is hitting the tracks for a dual tranche hybrid trade, with the railway company due to meet investors from Wednesday.

The London Stock Exchange’s $13.5bn bridge loan for its acquisition of data company Refinitiv is set to go ahead, after a surprise hostile bid for the exchange from Hong Kong Exchanges and Clearing was withdrawn.

Europe's high grade corporate bond new issue market has opened the week smartly, with almost €2bn of debt raised, as borrowers nip into the market before earnings blackouts interrupt new issuance.

Three public sector borrowers announced dollar benchmarks on Monday, rekindling the market after a quiet week.