Citi

The Republic of Turkey has tightened price guidance for its three year sukuk to 5.9% area, with books for the deal in excess of $3.5bn.

The Republic of Uzbekistan has released initial price guidance for its dual tranche five and 10 year dollar bonds and a rush of investors showed how desperate they are for a piece of it.

Uzbekistan's bond market debut, which is expected to be priced as early as Wednesday, has captured the attention of emerging market investors.

A strong start to the year for public sector dollar issuance is keeping up the pace so far this week, with last week’s slowdown during the Chinese New Year holidays only appearing to make investors hungrier. Both of Tuesday’s dollar deals were well oversubscribed — one spectacularly so — and there is a full card of issuers waiting to come on Wednesday.

Credit Bank of Moscow has tightened price guidance for its euro five year bond, with books in excess of €800m for the Reg S/144A note — an unusual format for a euro deal, but one designed to provide a fall back option of switching to dollars if pricing for the bank’s inaugural euro bond was deemed unfavourable after feedback.

Uzbekistan has told investors that it is focused on a dual tranche five and 10 year transaction and that indications of interest received so far are in excess of $1.5bn.

Latvia came to market on Tuesday morning for a 30 year euro benchmark, reawakening a dormant Central and Eastern European bond market.

Turkey has picked banks for its third benchmark of the year and its first since 2017 to be issued using sukuk documentation. Bankers say another Turkish borrower could mandate before the end of the week.

The International Development Association is preparing a short-term borrowing programme that the issuer told GlobalCapital will be similar in form to the commercial paper offerings of its peers the European Investment Bank and KfW. A second benchmark — likely to be in sterling or a niche currency — or a debut private medium-term note could follow, the borrower added.

The Indian government is offloading 50.76m shares in Axis Bank through an offer-for-sale, trimming its stake in the private sector lender as the end of the financial year looms.

The Netherlands Development Finance Company (FMO) and the Bank of England hit screens with dollar mandates on Monday to start what should be a busy week of supply in the currency for public sector borrowers, according to bankers.

The Republic of Latvia hit screens on Monday to announce a 30 year euro benchmark — breathing life back into what has been a rather quiet Central and Eastern European bond market.