Citi

BBVA launched a senior non-preferred bond in the euro market this week as activity slowed after a busy period for new FIG issuance. The €1bn trade attracted orders of €1.8bn and gave investors a small new issue premium, according to a syndicate banker.

Bankers brought a flood of Middle East bond supply to market on Tuesday, with four separate issuers — the Kingdom of Bahrain, DP World, National Bank of Fujairah and Islamic Development Bank — all announcing guidance for deals. The notes follow an already heavy week of supply from the Gulf, with Abu Dhabi having printed a $10bn triple trancher on the same day.

South Africa made its largest ever trip to capital markets on Monday, raising $5bn across two tranches. However, the size may have been too ambitious as the bonds suffered early in the secondary market. Although they have since recovered, some investors may be deterred from jumping into the rest of the week’s slew of deals.

Strong investor appetite for Thai bank capital deals helped Kasikornbank beat expectations with its $800m Basel III-compliant tier two bond.

Budweiser Brewing Company Apac has raised HK$39.2bn ($5bn) after pricing its IPO at the bottom of guidance, and partially using an increase option. It was the company’s second attempt at listing in Hong Kong.

The Province of British Columbia has weathered volatility from the fallout of last week's meeting of the US Federal Reserve to return to the dollar market for the first time in four years. Another rare SSA issuer, IDB Invest, also plans a return to the dollar market, with investor calls set up for this week ahead of its five year debut.

ITV, the UK television company, expects to buy back about €506m of its 2022 and 2023 bonds in a tender offer, days after pricing fresh bonds.

Standard Bank is set to raise at least $500m by the end of the year, the latest in a series of loans raised by South African banks in the past few months. The deal is expected to have tighter margins than its previous deals, according to market sources.

South Africa is back in capital markets for the first time in over a year and the first time since its ratings were placed on negative outlook by Fitch.

The Emirate of Abu Dhabi ended a two year absence from capital markets on Monday with a triple trancher, mirroring the tenors it used in its last trip to the market in 2017.

Hong Kong-based Li & Fung and Thai state-owned PTT have kicked off their liability management programmes, and plan to support their tender offers with new bonds.

DP World, the company responsible for operating Dubai’s ports, is buying back two of its outstanding bonds, becoming the fifth EM borrower to do so in September.