Citi

Dollar investors gave public sector issuers something to think about on Wednesday, as a pair of SRI bonds had very different receptions. One aggressively priced deal struggled to reach full subscription while another offering some concession grew by a half. World Bank is up next in the currency, though in conventional format, and bankers believe the trade will indicate the market’s direction.

The National Bank of Oman hit screens on Tuesday, raising $500m of five year paper in a market still hungry for more Middle Eastern supply.

The Islamic Development Bank’s five year sukuk trade appears to be meeting with a warm response, allowing the leads to pull in the spread by several basis points.

China Merchants Bank Co Hong Kong branch has sold a dual-tranche transaction worth $800m, tapping into both the fixed rate and floating rate investor bases.

Two state-owned companies from Shenzhen and Sichuan managed to woo investors to their dollar bonds on Tuesday, thanks in part to the strong credentials of their respective provinces.

The strong demand that has permeated the dollar market over the last few weeks showed no signs of abating on Tuesday, as a pair of borrowers issued benchmarks that were comfortably oversubscribed.

Dubai headquartered ports authority DP World is guiding the market for a 10 year dollar sukuk, a 30 year 144A/Reg S dollar bond, an eight year 144A/Reg S euro bond and a 12 year sterling bond.

The Asian Development Bank hit screens for a new 10 year green bond on Tuesday, an area of the dollar curve that has seen only a handful of trades in 2018.

MCS Groupe opened a roadshow for a new 2024 floating rate bond this week, as it seeks funding for the acquisition of DSO Group to create a leading player in the debt repurchase industry in France.

National Bank of Oman will sell a new five year benchmark on Tuesday, following a tender offer completed on Monday.

Japanese issuers are not frequently seen in the European corporate bond markets, but this week could have two companies going head to head with benchmark euro transactions. Japan Tobacco will sell its first new issues in Europe, while Toyota is better known to investors on the continent.

The Islamic Development Bank has announced a five year sukuk benchmark in dollars, which leads expect to price on Wednesday.