Citi

A pair of supranationals hit opposite ends of the euro curve on Tuesday, keeping down their size ambitions in favour of tightening pricing.

The volume of euro and sterling high yield bonds on sale in Europe jumped to €1bn on Tuesday, after NBG Pangaea and Premier Foods hit the market with new offerings. Meanwhile, retail high yield funds enjoyed a second week of inflows.

Bank of China’s aircraft leasing arm BOC Aviation sold a rare seven year dollar-denominated floating rate note (FRN) on Monday to an overwhelming response. The deal has opened the door to other financial institutions in the region looking to extend their funding profiles in the format.

Two mandates hit screens on Monday for supranational euro benchmarks. The Asian Development Bank (ADB), encouraged by a favourable basis swap, is set to make a rare appearance in the currency, coming to market alongside the European Stability Mechanism (ESM).

Two A-rated corporates went head to head in the euro corporate bond market on Monday as UK pharmaceutical giant GlaxoSmithKline and US electrical systems manufacturer United Technologies Corp both launched triple-tranche deals, with two matching maturities, which totalled €4.5bn.

Peking University Founder Group, Industrial and Commercial Bank of China and BOC Aviation came out with floating rate deals on Monday as the format continues to find favour among investors.

Birla Carbon, part of Indian conglomerate Aditya Birla Group, is targeting its relationship banks for the senior syndication of a $1.2bn borrowing.

Taiwan-based M17 Entertainment, a web streaming platform, has filed for a $115m IPO on the New York Stock Exchange.

The Republic of Ghana raised $2bn with a dual tranche 10 and 30 year bond issue on Thursday, timing the deal well as emerging market assets rallied after several days of weakness.

Hong Kong-listed Angang Steel has sealed its debut in the international equity-linked market with a HK$1.85bn ($236m) five year put three trade.

GlaxoSmithKline added to the crush of red hot dollar bond supply this week, as borrowers began a spring stampede to lock in funding ahead of a likely rate rise next month.

The Republic of Ghana was set to price its dollar dual tranche bond as GlobalCapital went to press on Thursday evening, having picked a phenomenal day for a deal, with the bonds of several African sovereigns bouncing two points.