Citi

Dollar SSA issuance is expected to pick up next week, thanks to a change in the euro/dollar basis swap that is making issuance in the currency more attractive for euro funders. There was still a smattering of dollar trades this week, including a Sofr-linked floater that broke new ground for the format.

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Following the success of its first 10 year bond in almost a decade, Greece is looking to have a frequent presence in the debt capital markets. The sovereign may even return with either a tap or a new issue this year, even though it has met its minimum planned issuance of benchmark bonds for 2019 and has a significant cash buffer.

The European Central Bank struck a decidedly dovish tone at its meeting on Thursday, meaning there were no nasty surprises for SSAs planning bond issues in the coming days. A French agency is on screens for a deal in dollars this Friday, while euro and dollar benchmarks are slated for next week.

Pearson, the UK educational publisher, has signed a $1.2bn bank facility with a novel margin link to the company’s progress in educational reach, but loans bankers say that this increasingly popular form of funding is unlikely to drag the market out of its low volume melancholy.

The Asian Development Bank broke two records on Thursday as it printed its biggest sterling deal to date and took non-UK SSA issuance in the currency to a record level for a half year. Supply is likely to take a breather next week due to some crucial Brexit votes in the UK Parliament, but SSA bankers are confident the market will not take long to spark back into life.

Two Turkish borrowers hit the market on Thursday, one returning to the market after a six year hiatus. Coming in the wake of a Koc Holding deal this week, the three deals make this Turkey’s busiest week for deals in almost three years.

Xinyi Group (Glass) Co has launched a block trade of Xinyi Solar Holdings shares,. The company is looking to raise up to HK$1.35bn ($172.3m), according to a term sheet seen by GlobalCapital Asia.

Chinese internet company Ruhnn Holdings is planning to list American Depository Shares (ADS) on the Nasdaq.

Hon Hai Precision Industry Co offered Asian investors a welcome change this week, bringing a rare single-A trade following a glut of high yield issuance this year.

Banks outside the top five in the league tables, especially those operating in emerging market bonds, often sing a song that would tug at the heart strings if set against a solo violin. They claim that the league tables for CEEMEA deals often do not represent the banks that do the bulk of business in each region because the huge jumbo deals that occasionally spring up skew the results wildly in favour of the big firms. But the numbers show that claim is utter nonsense.

Greece received a huge reception for its first 10 year benchmark in almost a decade on Tuesday, taking advantage of a double upgrade by Moody’s last Friday and strong market conditions.