Barclays

A seemingly unstoppable flow of dollar issuance from public sector borrowers looks set to spill into next week, after a slightly undersubscribed deal early this week failed to dent sentiment for other trades.

The euro market is braced for a difficult close to the year. Given the turbulent conditions expected, green bonds may come into their own.

Guarantor: Federal State of North Rhine-Westphalia

Aluminum Corporation of China (Chalco) is out with a new five year on Thursday, having registered plans to sell a foreign currency bond with the National Development and Reform Commission last month.

A pair of public sector borrowers are set to join NRW.Bank in the dollar market this week, taking advantage of good conditions — and with perhaps one eye on the US presidential election in early November.

With most European markets in summer slowdown mode, UK-headquartered hotelier Intercontinental Hotels tapped the sterling market on Tuesday for a £350m bond.

Financiera Independencia (Findep), the Mexican microfinance lender, has closed a tender offer for its 7.5% senior notes due 2019 after an extension to the early bird deadline did little to increase the uptake.

NRW.Bank will on Tuesday become the latest public sector borrower to enter a super strong dollar market that shows no sign of shutting down for the summer, after the German agency mandated banks on Monday.

Dutch telecoms firm Ziggo made a bumper increase to its $1.6bn refinancing earlier this week, more than doubling the size of the loans offered and stunning some investors.

A power plant construction firm from Indonesia and an equipment and infrastructure finance company from India are raising debt worth a collective $125m.

Landesbank Hessen-Thüringen (Helaba) priced the third dollar Pfandbrief benchmark of the year and is expected to be followed by a succession of dollar trades later in the year.

With sterling spreads tightening and foreign investors showing increasing interest, both HSBC and BNP Paribas looked to take advantage of funding opportunities in the UK bond market this week.