Citi

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.

Asia’s debt market is heading into March at full speed with seven issuers opening new deals on Monday. Borrowers need to be quick on their feet and act promptly over the next month to get their bonds past the finish line, said bankers in the region.

The Government of the Republic of Indonesia raised $1.25bn on Thursday in the first green sukuk from a sovereign, paving the way for more green issuance from Asian countries.

India's Tata Steel, which mandated a group of 21 lenders in January for a new loan, has shrunk the size of the fundraising following a blowout bond issuance.

Rating: Baa2/BBB+/A-

Bank Nederlandse Gemeenten this week capitalised on movements in short end dollar rates to print its largest trade in nearly two years. It was the solitary dollar benchmark this week, but with the Chinese New Year holidays out of the way and Asian investors back at their desks, bankers expect supply to pick up next week and for the very short end to still be the place to be.