Citi

Dollar SSA deals are showing little signs of a hangover from a public holiday in the US on Monday, with all three of Wednesday’s trades well over subscribed and pricing inside guidance.

Fibabanka has restarted a dollar bond issue that it postponed last year.

PhosAgro, a Russian phosphate-based fertiliser company, has released price guidance for a $500m 5.25 year bond that a banker away from the deal and an investor are calling “fair”.

China’s Concord New Energy Group and Indonesia’s Sawit Sumbermas Sarana (SSMS) sold their first dollar bonds on Tuesday, successfully completing transactions that were stymied just two months ago.

Kakao Corp, the South Korean mobile messaging platform, launched a Global Depositary Receipts offering of $1bn to the market on Wednesday.

Sunny Optical Technology (Group) Company priced a tight debut bond on Tuesday, with the notes tightening a further 15bp in secondary, showing the strength of demand for the technology sector. But despite the rally, pricing was considered spot-on by market participants.

Chinese corn oil manufacturer Shandong Sanxing Group Company and real estate developer Cifi Holdings (Group) Co raised a combined $500m on Tuesday, adding to the growing momentum in the Asia bond market.

Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers.

A widening in dollar swap spreads since the end of last week should help support a trio of dollar deals on screens for Wednesday’s business, said SSA bankers.

Three Chinese issuers are seeking fresh funding from the dollar bond market on Tuesday, with one wooing accounts for a comeback deal and the other two making their debuts.

A stack of high yield bonds is set to hit the European market, as four issuers announced roadshows on Monday.

The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.