Citi

Kommuninvest took advantage of the lack of competing SSA supply on Wednesday to price a long three year dollar trade ahead of the US holidays. Meanwhile, Nederlandse Waterschapsbank has appointed banks to arrange investor calls for its annual water bond.

No bond issuer is safe in this volatile market. Industrial and Commercial Bank of China (ICBC) learned that the hard way when it was forced to pull a dual-tranche floating rate deal last week. Its failure should serve as a warning sign to other borrowers.

General Holding Corporation (Senaat), one of the United Arab Emirate’s largest industrial investment holding companies, is embarking on a roadshow. But syndicates away from the deal said the company looks to be entering the market at a tough time for EM bonds.

Nemera, the French maker of drug delivery devices, and UK school operator Cognita are funding their new ownerships in a euro leveraged loan market dominated by acquisition deals.

Chinese online educator Koolearn Technology Holding has launched investor education for its Hong Kong IPO at a time when the Mainland government is stepping up regulation of the private education sector.

Thai Oil Public Co navigated challenges around fluctuating oil prices to push out a $1bn dual-tranche bond on Thursday that was strongly supported by investors.

Rating: B2/B/B+

Nigeria was on Wednesday able to print the full size of the bond issue approved by its parliament, paying up for the privilege but drawing praise for managing a market that proved too tough for many.

Chinese local government financing vehicle (LGFV) Sichuan Transportation Investment Group Corp raised $350m from a three year bond on Wednesday, piercing through the secondary trading levels of its closest comparables.

Chinese bank ICBC was forced to cancel its dual-tranche bond on Wednesday as a result of market conditions.

Hong Kong IPO hopefuls Babytree Group and Tongcheng-Elong Holdings announced deals drastically smaller than their initial targets this week. But despite the clear sign of trouble in the market, a few more Chinese companies are considering pushing ahead with their own listings before the end of the month. Jonathan Breen reports.

Nigeria is back in capital markets, undeterred by a volatile backdrop that has kept other borrowers from accessing the market.