Barclays

Sberbank’s €1bn 5.5 year bond, priced on Monday, has provided the visible benchmark from a state-owned issuer needed to consider the Eurobond market unequivocally open for Russian borrowers, said bankers on and away from the deal.

Rolta India is looking to make a return to the dollar market and will be meeting investors in Asia, Europe and the US this week and next.

Ithaca Energy, the North Sea oil and gas operator, is raising $300m with five year non-call two senior bonds.

Accor introduced hybrid capital to a new sector of European industry on Monday, becoming the first hotels company to issue a subordinated bond that is treated partly as equity by the rating agencies.

After a busy week last week in the additional tier one market with deals from Société Générale and Coventry Building Society, as well as a large exchange of old-style capital for new from Barclays, issuance of deeply subordinated hybrid capital from European financial institutions has climbed to nearly €30bn year to date.

Sberbank has released initial price thoughts in the mid-to high 200bp over mid-swaps area for a 5.5 year euro denominated bond, offering around a 10bp new issue premium at the tight end and 35bp at the wide according to an investor considering the deal. Tightening is expected before pricing later today. Books are over €1bn.

Aluminum manufacturer China Hongqiao successfully closed a dollar transaction on Thursday after having previously made two failed attempts to debut in the market. However this around, Hongqiao was well received by investors and the issue was 15 times subscribed.

China Construction Bank (CCB) Asia printed the first ever dim sum bond to be issued in Switzerland on Thursday, selling a Rmb1.25bn ($203m) three year print. The deal highlights the renminbi’s growing presence in Europe.

Rating: Aaa/AAA/-

Westpac New Zealand issued the first legally enshrined covered bond from the country in euros this week in a move that is likely to have been closely followed by several other Kiwi issuers that will now be looking to emulate its extraordinary success.

Coventry Building Society drew more than £3.25bn in investor demand as it issued a unique — and likely its only — additional tier one capital deal, in move that could open the door for other mutuals to raise regulatory capital efficiently.

Eurobank on Thursday became the last of Greece’s big four banks to return to the capital markets after the country’s 2010 bailout. While the deal didn’t reach the blowout heights of some of its predecessors, it was received favourably and concluded a strong week of senior issuance that saw Dutch bank ING grab a hefty order book at an aggressive level.