Citi

Rating: Aaa/AAA/AA+

Wall Street heavyweights returned in force to the dollar market with a string of multi-billion dollar trades after posting strong second quarter earnings.

FIG funding project after project has had to be postponed because of higher volatility levels in 2018, leading to a build-up in supply at the beginning of the summer break. With banks growing fearful of market overload, funding teams are thinking hard about whether August could be a window of opportunity after all. Tyler Davies reports.

The World Bank is keen to bring a euro benchmark this year, having been absent from that segment for nearly two years. The supranational this week made a triumphant return to dollars, setting a 2018 record for the tightest swap spread on a three year dollar benchmark so far.

The third week of July finally saw the summer lull kick in, with SSA issuance volumes at less than half of what was sold last week. But Bank Nederlandse Gemeenten still managed to snatch up a successful tap, and SSA bankers and issuers reckoned the market still bodes well for new issues.

Korea Hydro & Nuclear Power (KHNP) raised $600m with a green bond on Wednesday, offering no new issue premium to an investor base desperate for environmentally friendly assets.

Singapore’s Clifford Capital is marketing its debut collateralised loan obligation cash flow securitization, seeking $458m through a newly established special purpose company, Bayfront Infrastructure Capital. The trade is the first of its kind, marking the first fully project finance-backed CLO in Asia. Morgan Davis reports.

Citi has made a handful of senior level changes to its loans and acquisition finance team in Asia Pacific, according to three internal memos seen by GlobalCapital Asia.

Bankers marketing the latest crop of IPOs from China’s technology sector got their game face on this week amid escalating fears of a trade war with the US.

Ascletis Pharma is in the market with the first biotechnology IPO in Hong Kong following the bourse’s historic change in listing rules.

World Bank on Wednesday returned following an eight month absence in dollar benchmark funding to print the tightest spread on a three year dollar deal from an SSA this year.

The San Francisco Public Utilities Commission (SFPUC) is looking for international buyers of its green bonds for the first time as it prepares a roughly $402m new issue.