Citi

Two Russian steel companies have announced mandates and roadshows this week and look set to become the first corporates from the country to test the bond market since the latest round of US sanctions on their country in early August.

The dollar SSA market saw a clear schism this week between the maturities investors favour, with shorter end trades tightening pricing while longer maturity deals were forced to print in line with initial price thoughts.

Investors were given a double dose of green paper from the Philippines this week, as Rizal Commercial Banking Corp (RCBC) rolled out a $300m sustainability bond a day after Bank of the Philippine Islands (BPI) sealed a green deal.

Equity capital markets are abuzz in Hong Kong as issuers rush to take advantage of the first window to list since business closed for the summer. Among them, consumer finance company Home Credit and China’s Bank of Guizhou are each targeting $1bn listings.

IHS, an African telecoms provider, is returning to the bond market to take advantage of excellent market conditions and refinance its outstanding 2021 bond.

Chinese online insurance platform Huize Holding is planning an up to $150m IPO of American Depository Shares (ADS), filing a draft prospectus with the market regulator on Wednesday.

Five new corporate bond issues including a €3bn issue from AT&T hit the market on Wednesday, after Danaher had completed its €6.25bn deal on Tuesday, leaving room for more companies to borrow.

SSA issuers of dollar bonds were able to push harder on spread than they have in recent weeks on Wednesday, surprising syndicate bankers away from the deals.

Raiffeisen Bank International sold a tier two bond this week, tightening pricing by 40bp. The trade was supported by hefty investor demand of €2.7bn, more than six times the deal's €500m size.

A new flurry of investment grade corporate bond issuers jumped into the market on Wednesday morning, after Danaher priced its €6.25bn five-tranche Reverse Yankee note. Getting that deal out of the way gave other corporate borrowers room to bring bonds of their own — and plenty are expected to in the run-up toe the European Central Bank's monetary policy announcement on September 12.

Russian pipe manufacturer Chelyabinsk Pipe Plant has become the second metals company from the country to announce plans for a roadshow this week, joining Severstal. The Chelpipe deal — a $300m Reg S/144A five year senior unsecured note — will be the company's debut in the Eurobond market.

South Korea’s Hyundai Capital Services pulled a dollar bond sale on Tuesday due to poor market conditions. Bankers away from the transaction blamed the failure on excess supply in the US.