Barclays

Israel reopened the CEEMEA bond market in style on Wednesday, placing a rare 20 year euro bond, part of a €2.25bn dual tranche offering, which enabled the issuer to tap into new investors.

Adani Ports and Special Economic Zone continued the Indian issuer trend this week, grabbing $500m from international investors as Chinese borrowers wait until after the New Year holiday to hit the market.

Agence Française de Développement made its 2017 debut with a €1.5bn five year on Wednesday, but longer dated euro deals seem to be struggling as European Investment Bank found with a April 2032 tap.

Israel burst onto screens on Wednesday to open CEEMEA issuance for 2017. A popular name with investors, the 20bp premium offered at initial price thoughts seemed to go down well with the €6.5bn of orders submitted before lunch.

Indian power company NTPC and Malaysia’s Genting Overseas Holding Company are planning their respective debut outings, with the former seeking euros and the latter dollars.

India’s Adani Ports and Special Economic Zone and China’s Taikang Insurance Group are drawing investors’ attention to their respective dollar offerings on Wednesday.

The belly of the curve appears to be the favoured spot in euros, with the European Financial Stability Facility selling a €3bn November 2022 and Agence Française de Développement announcing that it intends to bring an April 2022 on Wednesday. Further out in the curve, the market is proving less supportive.

Spanish telecoms provider Telefónica hit the euro market on Tuesday for a dual tranche offering that tested the outer limit of investors’ appetite for long tenors.

Barclays opened the sterling market for bank senior debt for the first time in 2017, bringing in more loss-absorbing debt amid growing concerns around a ‘hard Brexit’.

KommuneKredit and Unédic have both pulled off strong trades, getting in ahead of what is expected to be a busy week in euros by coming to market on Monday.

The Nordic Investment Bank and Rentenbank brought sterling deals on Monday, adding to a busy start to the year for a market that has retained stability despite currency fluctuations around the latest speculation on Brexit.

Tuesday’s dollar market is set to be packed to the rafters, with a quartet of issuers out with trades and most of the focus at the five year part of the curve.