Citi

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.

Nongfu Sping, a Chinese bottled water and beverage company, is closing the international book for its Hong Kong IPO a day earlier than planned on the back of strong demand, according to sources close to the deal.

Ant Group has taken a step closer to pulling off what is expected to be the world’s largest ever share offering, submitting IPO applications in Hong Kong and Shanghai on Tuesday.

The European Investment Bank re-opened the primary euro public sector bond market with a decent outing in the 10 year part of the curve on Tuesday. Finland is next up, hitting screens for a deal of the same tenor expected on Wednesday.

The Emirate of Abu Dhabi has appeared in the bond market for the third time this year, and for the third time is seeking a triple tranche deal. It re-opens the CEEMEA market after a brief summer drought.

Chinese bottled water and beverage company Nongfu Spring has opened books for its HK$8.35bn ($1.08bn) IPO of H-shares on the back of support from state funds in the Mainland and Singapore.

South Korea telecommunications operator KT Corp broke a three-year hiatus from the bond market on Monday to raise $400m.

The European Investment Bank will re-open the euro public sector bond new issue market for the last funding period of the year. Further issuers are expected to appear this week, trying to get in before the European Union’s giant borrowing programme begins.