Citi

Reliance Industries has allocated its $2.49bn multi-tranche fundraising among 31 banks, with plans to transfer in the new lenders before the end of the year, said bankers close to the trade.

European Central Bank president Mario Draghi struck an upbeat note on the currency bloc’s growth prospects at a press conference following a governing council meeting on Thursday, but analysts still expect borrowers to enjoy supportive conditions for some time yet. The meeting — and the approaching year end — meant euro supply was thin on the ground, but Iceland did take the opportunity to return after several years away.

Rating: A3/A/A

In a record-breaking year for CEEMEA bond issuance, JP Morgan has taken a definitive lead over Citi in the 2017 league tables. And with those two banks raising their market shares even further, some say there has been upward pressure on fees, as issuers fear the outcome of not mandating either of the two leaders.

Citi has rearranged its FIG EMEA team, according to an internal memo seen by GlobalCapital.

Iceland was awash with orders on Wednesday for its first deal since 2014, which came alongside a tender offer for the sovereign’s July 2020 bonds.

China Citic Bank sold its first senior unsecured dollar bond on Thursday, executing the four tranche floating-fixed combination deal in a club style fashion.

India’s ICICI Bank sealed a $500m 2027 bond with ease on Thursday, pricing the trade at a tight coupon, leveraging on the positive sentiment around the country since the sovereign upgrade.

The year's total issuance of triple-C rated bonds in the European high yield market jumped from €4bn to more than €6bn this week. Many believe this could be the last week to bring new deals in 2017.

Development Bank of Kazakhstan on Thursday priced the first ever tenge Eurobond, raising the equivalent of $300m from a three year note.

The likely return of a rare sovereign issuer next week will break the silence in an otherwise quiet market for SSAs in euros, after there were just a smattering of German Lander trades this week. Meanwhile, investors believe that the rising interest rate cycle in the US could have a knock-on benefit for euro borrowers.

The Republic of Indonesia added yet another feather to its cap this week, selling its first SEC-registered bond on Monday. The sovereign has long been considered one of the most sophisticated debt issuers in Asia, and its new $4bn transaction shows how far it has come, writes Morgan Davis.