BNP Paribas

China National Chemical Corp (ChemChina) enlisted the help of 18 lead managers to sell a six tranche bond in two currencies on Wednesday.

The pipeline for euro-denominated African bonds is beginning to bulge, with Cote d’Ivoire announcing plans to follow Senegal to the market this week and Tunisia and Egypt preparing their own deals. But, as Virginia Furness reports, while large euro books show there is strong appetite for speculative grade supply, and is opening up a new funding channel for EM borrowers, the cost of funding in the currency versus dollars is unlikely to improve.

The Euro private placement market might lose some of its smaller borrowers to crowdfunding and technology platforms that offer low cost, speedy loans, market participants observe. But not all in the Euro PP market are gloomy about it.

Tata Sons is poised to end a decade-long absence from the syndicated loan market when it launches a $1.5bn transaction later this month.

China National Chemical Corp (ChemChina) has raised $6.4bn from a six-tranche transaction in euros and dollars to refinance debt taken for Syngenta’s acquisition. The issuer was willing to pay up to take more on the long end of the curve, with the juicy premium summoning a book of more than $15bn at its peak.

Cote d’Ivoire will be hoping to capitalise on the success of Senegal’s debut euro deal earlier this week as it looks to bring its second bond in that currency.

Hyundai Capital America raised $800m from a dual-tranche issuance on Wednesday, the same day that chemical giant China National Chemical Corp walked away with more than $6bn from the market.

Investors this week showered orders on to the first bond issue from Teva Pharmaceuticals since a recent downgrade to high yield ratings. The hook? A 50bp-100bp premium over its old bonds in the secondary market.

Swedish Export Credit Corporation on Wednesday priced what bankers away from the deal said was a “very strong trade”, as it printed in the same five year tenor that has brought success for SSAs over the last few weeks. But one borrower is set to attempt a tenor that has not been visited since late January.

Combined books of $9.5bn enabled the Republic of Senegal to both print the tightest ever dollar 30 year dollar bond from a sub-Saharan African issuer (ex-South Africa), and to revise guidance by 50bp for its euro debut on Tuesday.

Emirates Airlines has named leads for its first unsecured bond since 2013, adding the region’s first international non-financial corporate sukuk this year to what has so far been limited supply from the asset class.

The IPO of Siemens Healthineers was covered on day one of its bookbuild on Tuesday after its parent, Siemens, set a price range designed to please potential investors in the IPO of its medical technology division.