Citi

Sarimelati Kencana, the owner of the Pizza Hut franchise in Indonesia, began premarketing its $100m IPO this week, as the country’s equities market gears up for more action.

Bank of China (BOC) returned to the bond market with a Belt and Road blockbuster this week, raising around $3.2bn from a multi-tranche, multi-currency deal. Addison Gong reports.

The Democratic Socialist Republic of Sri Lanka grabbed $2.5bn from its largest bond on record on Wednesday, as investors showed their support to a country that has been buffeted by numerous problems recently.

UniCredit sold its remaining stake in Italian wind operator ERG for €118m to an eager investor base after markets closed on Tuesday evening.

The Kingdom of Saudi Arabia printed its $11bn bond on Tuesday, which several bankers and investors thought had been timed to maximise disruption of Qatar’s return to market, which is also expected this week. But leads said the modest size taken by Saudi from a $50bn book showed that there was no intention of throwing the capital markets into disarray.

Korea Resources Corp (KoRes) navigated a number of hurdles to complete its $500m bond on Tuesday to imminently refinance maturing notes. The company found plenty of support for its annual issuance, but only after it offered a juicy premium to investors.

Bank of China has priced bonds denominated in US dollars, euros and Australian dollars worth $3bn-equivalent, with another two tranches in New Zealand dollars set to be priced on Wednesday. The deal, sold under different branches of the bank, reflects the relentless bid for floating rate notes (FRNs).

Korean battery maker Samsung SDI Co has raised W559.9bn ($525.2m) after offloading its stake in Samsung C&T Corp at the mid-point of guidance, according to sources close to the deal.

The Ontario Teachers’ Finance Trust (OTFT) on Tuesday outdid its dollar debut last year for size, as its second ever international trade clocked in at $2bn.

Equities bankers are trumpeting a wave of new enthusiasm for Africa and two new deals are set to try to capitalise on this momentum.

The sell-off in Russian bonds is battering emerging markets investors, who are seeing the biggest spread widening since sanctions were first imposed on the country in 2014. Not only have the bonds of freshly sanctioned Rusal tanked but other Russian companies are selling off as investors fear they may be next, and the rot is starting to spread to the wider central and eastern Europe region as well.

Saudi and Qatar look to be printing jumbo bonds this week, but the timing of both in the same few days after so many months of waiting is prompting chatter about which sovereign has caused the traffic jam and whether political machinations are behind it.