Citi
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Guarantor: All Danish municipalities and regions
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The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first in that maturity from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, five years was very much in vogue in the dollar market — although there were some signs of investor fatigue by the end of the week, despite more issuers being expected to look at the tenor next week.
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The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, Export Development Canada was unable to move from price thoughts on a five year global.
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The pipeline for euro-denominated African bonds is beginning to bulge, with Cote d’Ivoire announcing plans to follow Senegal to the market this week and Tunisia and Egypt preparing their own deals. But, as Virginia Furness reports, while large euro books show there is strong appetite for speculative grade supply, and is opening up a new funding channel for EM borrowers, the cost of funding in the currency versus dollars is unlikely to improve.
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CVS Health printed the third-biggest bond deal of all time as it funded its $67.5bn acquisition of Aetna. Bankers hope that a revival in M&A activity will provide a shot in the arm for supply.
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Islamic Development Bank released price guidance for its dollar benchmark sukuk on Wednesday and leads are expecting to price the note on Thursday.
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Tata Sons is poised to end a decade-long absence from the syndicated loan market when it launches a $1.5bn transaction later this month.
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Temasek Holdings made a splash in the block market this week, raising W1.07tr ($1bn) with a pair of overnight trades in South Korean pharmaceutical company Celltrion and its distribution arm Celltrion Healthcare — an approach that was in line with the Singapore sovereign wealth fund’s strategy to rebalance its portfolio. Jonathan Breen reports.
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Cote d’Ivoire will be hoping to capitalise on the success of Senegal’s debut euro deal earlier this week as it looks to bring its second bond in that currency.
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Hyundai Capital America raised $800m from a dual-tranche issuance on Wednesday, the same day that chemical giant China National Chemical Corp walked away with more than $6bn from the market.
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Chinese outlet mall trust Sasseur Reit has kicked off a fixed price bookbuilding for its S$396m ($301.3m) Singapore IPO, placing nearly half the deal with cornerstone investors.