Citi

Five new investment grade corporate bond deals were priced on Tuesday and, while pricing was competitive, none of the issuers allowed for any growth in the size of the deals as all five used a no-grow strategy.

State Export-Import Bank of Ukraine has opened books on a hryvnia Eurobond with an eye-catching 16% area yield.

Two South African corporates are in the market for syndicated loans amid South Africa’s cabinet reshuffle, after former president Jacob Zuma resigned earlier this month.

Orders reached €1.6bn for Západoslovenská energetika (ZSE)’s five year note on Monday, marking a subscription rate of five times for Slovakia’s largest distribution operator.

Republic of Senegal is planning to make its first funding foray into euros, following its fellow West African nation Cote d’Ivoire to fund in its natural currency.

Bank of China, Industrial and Commercial Bank of China and Industrial Bank Co have raised close to $3.7bn from eight fixed and floating rate tranches in three currencies. But most of the portions had to offer a new issue premium, which ranged from a few basis points to as much as 15bp.

South Korea’s Hyundai Capital Services was confident of finding support in a busy bond market on Monday, sealing $500m from an opportunistic trade that was launched without a roadshow.

Bangladeshi independent power producer (IPP) Summit Power has launched investor education ahead of its ground-breaking Singapore IPO, according to a banker close to the deal.

Kernel, the Ukrainian grain and sunflower producer, has signed a $100m pre-export finance facility with a syndicate of European banks.

The European Union’s upcoming April 2033 euro benchmark may have to offer a little more premium than usual if it wants to match a similar trade from the European Investment Bank last week and attract strong French demand, said bankers away from the mandate. Other euro supply in the pipe includes CPPIB Capital — also with a 2033 issue — and Rentenbank in sevens.

The Bank of England’s annual €2bn three year dollar issue was comfortably oversubscribed on Monday, but the smaller volume of orders compared with last year and lack of price movement reflected both the greater difficulty in printing short dated deals and investor pushback against super tight swap levels, said bankers. That may have played a role in FMS Wertmanagement’s decision on Monday to mandate for a five year dollar deal, they added.

After a three week wait, First Abu Dhabi Bank has deemed the market constructive enough to open books on its new five year sukuk, and had crushed the spread to 4bp over its existing bonds on Monday.