Citi

A year on from selling its first green hybrid bond, French energy company Engie returned to sell another with a slightly longer call date. Demand for the product has remained strong, but the difference in coupons showed how pricing has changed despite the borrower paying virtually no premium over the company’s secondary bonds.

The super-hot dollar bond market is set to welcome a pair of SSAs on Thursday — including a rare name in the currency — after a mid-week lull in issuance.

Export Development Canada will head out for a roadshow next month for its first benchmark in euros, taking advantage of the attractive market conditions for issuing in the currency for dollar funders. More deals could follow from debut and rare issuers in euros, with several borrowers looking “closely” at the cross-currency basis swap, according to bankers.

Turk Eximbank has released initial price guidance for a $500m five year senior unsecured bond.

Lenovo Group boosted the size of its debut convertible bond to $675m after a flood of investors turned out for the deal, according to bankers on the mandate.

Indonesia’s Alam Sutera Realty nabbed $175m from investors on Tuesday, as it attempted to beat the clock on its impending maturities.

South Korea’s Hanwha Total Petrochemical Co brought its maiden dollar bond to the market on Tuesday, appealing to investors with its strong credentials and scarcity value.

Italy and the European Investment received combined orders of over €50bn in the euro public sector market on Tuesday before what could be an even more uncertain period in Europe, with the UK parliament set to vote on prime minister Theresa May’s Brexit withdrawal agreement later in the evening.

Public sector borrowers printed over $10bn of bonds on Tuesday in a dollar market that SSA bankers expect to keep its momentum in the weeks ahead.

Investors flocked to Korea Midland Power Co’s (Komipo) green bond on Monday, funnelling $3bn of orders into a $300m deal that offered a quality credit and an attractive tenor to the buy side.

CPPIB Capital was comfortably oversubscribed for its $2bn trade on Monday with the dollar SSA market remaining attractive at the short end. Agence Francaise de Developpement, KfW and Kommuninvest will look to tap into lucrative conditions in the currency after mandating banks for deals on Tuesday.

Italy hit screens for a 15 year euro benchmark on Monday, in what will be the sovereign’s first syndication for a new issue since agreeing its 2019 budget with the European Commission at the end of last year. Elsewhere in the eurozone periphery, Greece is looking to return to the bond market with a euro syndication in the five year part of the curve, according to bankers.