BNP Paribas

Greece mandated banks on Monday for a 10 year syndication, which will be the sovereign’s longest tenor since making its public bond market comeback in 2014.

China real estate companies Zhenro Properties Group and China Evergrande Group started the new month with fresh dollar deals at the end of last week, marking Zhenro’s fourth trade of the year and Evergrande’s second.

China State Construction International Holdings returned to the dollar bond market, adopting an unusual structure that raised many questions even after the $500m credit-enhanced deal was priced.

Dollar bond supply from China continues unabated. China Vanke Co and Agile Group Holdings joined their real estate peers in a recent spree, raising $1.1bn between them, while science park operator TUS-Holdings priced a $350m dollar bond.

Guarantor: Canada

The SSA euro market’s record start to the year shows no signs of slowing down, with bankers confident that the conditions which have helped draw record book after record book are here to stay. That backdrop helped Export Development Canada (EDC) to an excellent debut in the currency, as well as a very strong trade from the veteran European Stability Mechanism (ESM).

Dollar swap spreads tightened dramatically in the middle of the week — with bankers at a loss to explain why — but the SSA sector was still “rock solid” in one syndicate head’s words, so the currency should be open for business next week. The only two dollar trades this week — a bond market return from CDP Financial and first deal of the year from Erste Abwicklungsanstalt — both went well.

Guarantor: Caisse de dépôt et placement du Québec (CDPQ)

Poland is in the market for its most ambitious green bonds yet. It has opened books for two tranches of euro debt, hitting the 10 and 30 year maturity buckets.

Paccar Financial has become the latest in a string of US issuers that have tapped the euro market over the past two weeks. The financing arm of the US maker of trucks and trailers has raised €300m via the sale of new 0.125% notes due in March 2022.

Export Development Canada made light work of its debut euro benchmark on Wednesday, with the deal heavily oversubscribed and printed 3bp tighter than price thoughts. While applauding the deal, some on-looking SSA bankers felt the level on offer might have been slightly generous — although they admitted that fair value is always fuzzy on an inaugural trade.

Crédit Agricole put out price thoughts for a non-preferred senior bond in the Euroyen market on Wednesday, getting the ball rolling on its third public debt offering in the space of a week.