Citi

Emirates Airlines has set the yield for its benchmark sukuk at a level representing a negative new issue premium, according to a banker on the deal.

Indonesian coal company Toba Bara Sejahtra failed to make its debut in the dollar bond market this week, after a weak market backdrop and concerns about high yield credits dented investor appetite. But other firms looking for funding are not giving up just yet, writes Morgan Davis.

Republic of Côte d'Ivoire was already hitting milestones with its new dual tranche euro trade on Thursday. Its 30 year offering is both the longest ever euro bond from sub-Saharan Africa, and looks set to be one of the highest yielding euro-denominated bonds from any sovereign in recent years.

Citigroup and Svenska Handelsbanken were both offering senior bonds in euros on Wednesday, as bankers started to question whether the primary market could continue to support large volumes of new issuance.

Dubai-based developer Majid Al Futtaim printed its third hybrid bond on Tuesday, a $400m perpetual non-call eight year. In the absence of a strong Asian bid, real money European investors anchored the book.

Spanish telecoms company Telefonica has announced the sale of its latest hybrid new issues while also tendering for several of its outstanding hybrids. After over a month since the last benchmark euro hybrid issue, investors contributed to a large order book.

After a reasonable wait, investors are starting to see the more frequent investment grade corporate bond issuers return to the market. On Tuesday, French materials company Saint-Gobain and French telecoms operator Orange sold benchmark deals and UK media company WPP sold a dual-tranche issue.

Elkem, the Norwegian silicon producer and supplier being floated by ChemChina, has had a good start to bookbuilding after launching its Nkr7.7bn (€805m) flotation on the Oslo Børs on Monday.

Seplat Petroleum sold a $350m five year non-call two bond on Monday, turning down a larger trade that was available, according to a lead manager. The final print was being smaller than originally indicated.

India’s Tata Sons has raised Rp89.9bn ($1.38bn) after boosting the size of an overnight block sale in Tata Consultancy Services, according to a source close to the deal.

Solusi Tunas Pratama is set to begin marketing a new $590m-equivalent financing in dollars and rupiah to retail lenders, said bankers close to the trade.

Indonesian coal company Toba Bara Sejahtra culled its debut dollar bond on Monday, as turbulent markets and new domestic rules around caps on coal prices put investors in risk-off mode.