Citi

African borrowers will soon add a new flavour to the wave of Middle Eastern issuance that has so far dominated the autumn pipeline.

Asia’s Basel III compliant additional tier one market is set for a turnaround after a quiet year, following Bank of China (Hong Kong)’s $3bn issuance this week. As the pipeline builds up, bankers are predicting a pick-up in deal flow as early as next month, writes Addison Gong.

The Saudi Electricity Company (SEC) has joined the groaning pipeline of issuers looking to print dollar sukuk paper, picking banks for what will be the borrower’s first trip to the bond market in four years.

An extensive global roadshow paid off for Bangkok Bank’s dual-tranche $1.2bn outing on Wednesday, with a strong turnout from accounts in the US as well as Asia.

French building materials producer Saint Gobain received overwhelming demand for its second benchmark issuance of 2018. A combined order book of €7bn meant the issuer could have sold a much larger deal than the €1bn size limit it imposed on itself.

Dutch registered machinery and vehicle manufacturer CNH Industrial achieved an order book nearly three times oversubscribed for its first corporate bond sale since Standard & Poor’s raised the company rating to BBB.

Saudi Arabia has come to market for a long 10 year dollar sukuk bond, targeting $2bn, returning for a trade after five month’s absence from the bond market.

Bank of China (Hong Kong) has raised $3bn from a Basel III compliant additional tier one transaction, drawing attention for both its size and price.

China Southern Power Grid Co (CSG) made its second foray into the debt market on Tuesday, wooing investors to its $1bn issuance with a juicy price.

The Inter-American Development Bank and KfW drew strong demand in the dollar SSA market on Tuesday, with the former issuing just the fourth 10 year dollar benchmark from an SSA of the year.

Abu Dhabi Islamic Bank (ADIB) and Al Hilal Bank (AHB) have completed their roadshows, and are set to reopen the dollar sukuk market on Wednesday.

The deal flow of high yield bonds kept rising in euros and sterling this week. Four new issuers joined the already heavy pipeline, including a euro bond from UK premium car manufacturer Jaguar Land Rover.