Citi
-
Companies piled into the bond market with hybrid capital issues this week to raise €4.95bn between them, as syndicate bankers say that they are encouraging as many borrowers as possible to consider pushing out higher risk trades before raising senior debt. -
-
-
Abu Dhabi brought the CEEMEA debt market out of holiday mode this week by stunning investors with a new 50 year bond — the longest ever seen in the Gulf. The deal not only cemented Abu Dhabi's standing as a top-tier credit on a level with developed market sovereigns, it also raised expectations for a flurry of longer-dated issuance from states across the Gulf region. Mariam Meskin reports.
-
Total, the French oil and gas major, continued the strong run of hybrid trades in the corporate market this week, launching a chunky €1bn note 37.5bp inside initial price thoughts on a yield basis.
-
European banks spied further opportunities in the dollar market this week, even as many in the sector turned their attentions back to their home currency.
-
Ant Group started speaking to investors this week for mammoth IPOs on the Hong Kong and Star markets, which at an estimated size of $30bn would become the world’s largest ever share offering. The deal is a big win for both exchanges — and bankers in Hong Kong are also expecting a record fee from the deal. Jonathan Breen and Rebecca Feng report.
-
The primary euro public sector bond market continued its busy week on Thursday with KfW and KommuneKredit issuing new 10 and 20 year deals, respectively.
-
Finnair, the Finnish airline, printed a €200m perpetual non-call three year hybrid capital note this week, the first time a European airline has issued a bond since the Covid-19 crisis began on the continent.
-
Australia and New Zealand broke bond syndication records yet again this week, as Australia printed its largest ever deal while New Zealand scooped its largest ever order book with a seven year tap.
-
The Aa2/AA/AA rated Emirate of Abu Dhabi raised $5bn on Tuesday, securing a negative new issue premium on a trade that included the longest ever tenor raised in the Gulf. The inclusion of a 50 year tranche, bankers say, is testament to the borrower's standing as an elite credit.
-
Finland was on track to receive its biggest ever book for a syndication as it came to the market with its third euro benchmark of the year on Wednesday.
