Citi

The Inter-American Development Bank and the State of North Rhine-Westphalia only managed to raise small sizes in the sterling market on Tuesday, with the leads on the latter declining to comment on whether the deal was fully subscribed.

Greece and the Province of Québec won strong books in the euro public sector bond market on Tuesday, with the latter returning to the currency for the first time since June 2018. An attractive basis swap for dollar funders to issue in euros has tempted the International Development Association (IDA) out on screens for its first euro benchmark.

Public sector borrowers enjoyed healthy subscription levels and minimal new issue concessions in the five year part of the curve as they returned to the dollar bond market following the Golden Week break in China.

CK Hutchison, the Hong Kong conglomerate, took more than €10bn of orders on Tuesday for a six-tranche bond in euros and sterling as it opted not to squeeze the pricing as much as other recent deals.

Santander Consumer Bank was more than three times subscribed for a tightly priced €500m five year preferred senior bond this week — its second offering in the asset class.

The torrent of ESG supply shows no sign of slowing. Inter-American Development Bank’s debut sustainable development bond is set to come to market on Tuesday in sterling, alongside a sustainability bond from Bank Nederlandse Gemeenten.

Greece has appointed a syndicate to lead a tap of the 10 year bond it issued earlier this year, in what will be its fourth public transaction of 2019. The trade will be joined in the market by a new 10 year euro benchmark from the Province of Québec.

Three public sector borrowers announced dollar benchmarks on Monday, rekindling the market after a quiet week.

Bank of Ireland was more than three times subscribed for a €300m tier two bond this week, nailing its second attempt at the deal after returning to the market with a wider spread for investors.

International Finance Corporation has picked the banks to lead the first dollar benchmark of its 2019/20 financial year.

Michiel Reijnoudt has been appointed as country officer for Denmark at Citi.

Investors gobbled up Adani Green Energy’s rare Indian project-linked bond on Thursday, seizing the opportunity to buy non-Chinese paper. The company’s transaction was also helped along by its new investment grade rating.