Citi

International Container Terminal Services (ICTSI) raised $400m in the international bond market on Wednesday despite the Covid-19 pandemic challenging the Philippine issuer’s transaction.

Nationwide Building Society was able to tighten pricing by 50bp on the sale of an additional tier one bond on Wednesday, landing at a 5.75% coupon. The new issue will increase the bank’s leverage ratio, which went down last year amid a net redemption of tier one debt.

BPER Banca opened books for its inaugural sale of senior debt on Wednesday, giving investors their first chance to buy into a new issue from a second tier Italian bank during the Covid-19 pandemic.

The Republic of Albania won a €3bn book for its bond market return on Tuesday, whittling down pricing to a yield of 3.625% for its seven-year deal.

UPL Corp broke a month-long absence of Indian issuers in the international debt market, raising $500m from investors.

Chinese real estate companies China Fortune Land Development and Ronshine China Holdings raised a combined $550m in the bond market on Tuesday, but their tight pricing did not appeal to all investors.

SK Biopharmaceuticals has begun bookbuilding for its up to W959.3bn ($804.9m) IPO. It is set to be South Korea’s first listing in 2020.

Three SSA borrowers hit the dollar market on Tuesday. The Inter-American Development Bank raised $4bn with a five year while Kommunalbanken tested the waters at 10 years. The World Bank joined them with a small but impressive bond linked to Sofr.

There were no issues of competing supply on Tuesday as three eurozone sovereigns amassed big order books, buoyed by last week’s expansion of the Pandemic Emergency Purchase Programme (Pepp).

Northern Powergrid, the UK energy distribution company, brought the longest sterling deal of the year so far with a 42 year trade on Tuesday, as syndicate bankers say that European investors are keen to see more long duration trades.

The Republic of Albania returned to the euro bond markets on Tuesday after more than a year and a half away, seeking a seven year deal.

Egypt’s debut green bond, which had been expected to come to market in the first half of the year, is on hold, according to sources. But although the coronavirus pandemic has impacted issuance for issuers such as Egypt, the green bond market is far from dead.