Citi

Investors this week showered orders on to the first bond issue from Teva Pharmaceuticals since a recent downgrade to high yield ratings. The hook? A 50bp-100bp premium over its old bonds in the secondary market.

Swedish Export Credit Corporation on Wednesday priced what bankers away from the deal said was a “very strong trade”, as it printed in the same five year tenor that has brought success for SSAs over the last few weeks. But one borrower is set to attempt a tenor that has not been visited since late January.

Combined books of $9.5bn enabled the Republic of Senegal to both print the tightest ever dollar 30 year dollar bond from a sub-Saharan African issuer (ex-South Africa), and to revise guidance by 50bp for its euro debut on Tuesday.

Bank Muscat has taken orders north of $1bn for its new five year Reg S dollar bond on Wednesday, allowing the leads to launch the deal at the tight end of final guidance.

Emirates Airlines has named leads for its first unsecured bond since 2013, adding the region’s first international non-financial corporate sukuk this year to what has so far been limited supply from the asset class.

Singapore sovereign wealth fund Temasek Holdings has raised W1.07tr ($1bn) after offloading stock in South Korean pharmaceutical company Celltrion and its distribution arm Celltrion Healthcare in a pair of overnight block sales.

Tata Sons could launch a $1.5bn borrowing within the next two weeks, as the Indian firm prepares its return to the syndicated loan market after a decade.

SSA borrowers are piling up in dollars. Swedish Export Credit Corporation (SEK) will bring a five year benchmark on Wednesday, coming on the heels of Oesterreichische Kontrollbank’s (OeKB) own deal in the tenor on Tuedsay.

Kommunekredit has printed a €1bn five year note — but two more SSA borrowers are lining up further out in the curve.

Georgia Capital, the investment arm of Bank of Georgia Group (BGEO), had the sole attention of EM investors on Monday when it printed its new deal 70bp-75bp wider than Bank of Georgia.

Price talk for Senegal’s new euro bond prompted fierce debate on Tuesday morning. Based on guidance, syndicate bankers away from the deal questioned the cost of the deal compared with a dollar issue, though the strong pricing result in euros may have put the debate to rest.

Al Ahli Bank of Kuwait is beginning a roadshow to market a dollar Reg S-only perpetual non-call five year additional tier one bond.