Citi

Ferrovie dello Stato Italiane, Italy's state railway company, launched a €700m seven year green bond into an otherwise empty corporate bond market on Thursday. The Independence Day holiday in the US kept markets quiet this week, and eager investors may be frustrated next week too.

The Republic of Tunisia does not finish its roadshow until Tuesday 9 July, but after a 100bp rally in its euro 2024s since the start of June and strong roadshow meetings so far, a seven year — the longer end of the planned tenor for the benchmark bond — looks to be on the cards.

The Republic of Tunisia does not finish its roadshow until Tuesday, but after a 100bp rally in its euro 2024s since the start of June and strong attendance at the roadshow meetings so far, a seven year — the longer end of the planned tenor for the benchmark bond — looks to be on the cards.

Budweiser Brewing Company Apac cracked open its up to HK$76.4bn ($9.8bn) Hong Kong IPO this week, set to be the city’s largest listing in nearly a decade and the world’s biggest so far this year, with early investor orders coming in thick and fast. Jonathan Breen reports.

Burgan Bank, a Kuwaiti lender, was able to raise $500m of additional tier one (AT1) capital on Tuesday, returning to the market ahead of its previous AT1’s first call date in September.

Turkey returned to the market on Tuesday, raising $2.25bn of five year dollar paper with a slim new issue premium. The deal was timed to take advantage of a tremendous rally in Turkish asset prices, but not all investors are convinced.

Korea Development Bank (KDB) tapped the green investor base in Europe for its latest euro bond, achieving a record low funding cost and an unprecedented 0% coupon for a South Korean issuer.

Bond market participants in Argentina say that more issuers from the country could look to pre-empt election-related uncertainty and take advantage of benign fundraising conditions after Pampa Energía followed in YPF’s footsteps with a 10 year deal on Tuesday.

Two German issuers returned to the corporate euro bond market on Tuesday, amid a thirst for risk among investors sparked by last weekend’s G20 meeting.

KfW and Bpifrance hit screens with taps of existing debt on Tuesday, with levels so tight that the sovereign, supranational and agency market’s best rated names are finding it trickier to get traction from investors.

On Tuesday, the European Investment Bank took a near-identical approach to KfW on Monday, as it tapped a bond at the short end in sterling, and found similarly strong levels of demand, allowing it to issue £150m more than its planned minimum target.

US-based energy trading firm Castleton Commodities International has signed $2.775bn of loan facilities, with European banks making up a large part of the group.