Citi

Latin American bond market participants away from Costa Rica’s proposed $1.5bn cross-border issue said they thought the deal would find strong demand as the Central American nation announced a roadshow amid friendly market conditions on Tuesday.

China’s Ministry of Finance has raised €4bn from a three tranche deal, returning to the euro market after a 15 year layoff. Bankers think the deal will encourage Chinese issuers from across the credit spectrum to come to the euro market.

The Province of Alberta came to market on Tuesday for a five year dollar global bond, paving the way for the Swedish Export Credit Corporation (SEK), which announced that it will hit the three year bucket on Wednesday.

Danske Bank has made its second visit of the year to the euro tier two market, paying a much tighter spread for a deal that was otherwise identical to its earlier transaction. The Danish issuer has been subject to higher capital requirements in 2019, amid the fallout from a series of high profile money laundering investigations.

Serbia has returned to the euro market after only four months, tapping the line it opened in June this year and raising cash to refinance dollar obligations it faces in 2020.

Bajaj Finance, an Indian non-banking financial company, has launched its debut offshore borrowing of $575m-equivalent into general syndication.

State-owned China Petrochemical Corp (Sinopec) raised $2bn from three dollar bonds on Monday, making a rapid comeback to the debt market.

South Korean steel company Posco checked every box for investors with its $500m bond issuance on Monday. Even though the deal offered no new issue premium and pricing was tightened aggressively, buy-side support did not waver, said bankers.

Do responsible investing, ESG and sustainable finance mean anything? If so, they must mean investors cannot buy Saudi Aramco’s IPO. When the world is desperately trying to cut carbon emissions, ploughing billions into a newly listed oil company is the definition of a backward step.

Citi is leading a $2.215bn dual currency PIK toggle issue for packaging company Ardagh, refinancing existing PIK and PIK toggle issues after the firm span out its metal packaging business — and making it easier to sell shares in the tightly held group to the market.

Averda International is preparing to issue a five year deal in the bond market this month, having extended a term loan facility in August.

Skandinaviska Enskilda Banken (SEB) got away without having to pay any sort of a premium for its debut non-preferred senior bond on Monday, despite having to compete for attention with Nordic peer OP Corporate Bank.