BNP Paribas

Ukraine has mandated banks for a seven year euro-denominated benchmark bond, with the sovereign due to meet investors after a sharp rally in its bonds.

A trio of agencies and an infrequent issuer have printed long dated paper in MTN euros this week, and there has also been long end corporate interest in Swedish kronor.

CDP Financial and Swedish Export Credit Corp (SEK) were the only SSA names to brave a volatile dollar market this week, and both deals got across the line.

Swedish Export Credit Corp’s $650m floating rate note printed this week won the approval of bankers off the trade, as the demand for Libor-linked debt shows little sign of dissipating.

Logistics provider ESR Cayman launched what will be the Hong Kong Stock Exchange’s biggest IPO of 2019 so far on Wednesday, seeking to raise up to HK$9.76bn ($1.24bn) as hopes of US rate cuts opened a clear window in otherwise trade war-weary markets. Gina Lee reports.

China East Education Holdings pulled off the largest education IPO in history this week, despite the mainland education sector suffering under state constraints. The company operates in a niche free of the heavy-handed regulator, which helped it draw a flood of interest to its HK$4.9bn ($625m) offering. Jonathan Breen reports.

Chinese higher education provider Edvantage Group Holdings has begun pre-deal investor education for its Hong Kong IPO, according to a source familiar with the matter.

Investors proved their appetite for corporate bonds this week by gobbling €5bn of them on a single day, as Publicis Groupe and BMW issued jumbo deals on a second consecutive day of heavy issuance in Europe.

Swedish Export Credit Corp has set the terms on a $650m December 2020 floating rate note, increasing the size of its trade amid sharp volatility in the US rates market on the prospect of dovish policy action from the Federal Reserve.

Warburg Pincus-backed logistics manager ESR Cayman opened books on Wednesday for what will be the biggest float in Hong Kong so far this year.

After 10 days of very scanty issuance and some weak markets, more stable conditions on Tuesday brought a salvo of five deals to the euro corporate bond market, offering a wide range of single-A and triple-B credits.

CDP Financial has set the price in line with initial price thoughts for its two year dollar benchmark, giving investors a new issue premium of around 4bp.