Citi

Union Bank of the Philippines launched its first international bond in 13 years on Tuesday, offering investors a bit of diversity in a day otherwise filled with Chinese issuers.

Greatship (India) has hit the syndicated loan market for the first time in seven years, seeking $249m for refinancing.

Orders for Nigeria’s 10 and 30 year bond issue had reached $5.5bn on Monday morning. The 10 year portion is likely to take the most orders, but the 30 year tranche is piquing interest, according to deal watchers.

India’s Reliance Industries is the first to take advantage of the positive sentiment around the country following the sovereign’s ratings upgrade last week. The petrochemical to digital services conglomerate started marketing a dollar bond on Monday morning.

Chinese lithium producer Tianqi Lithium Corp is bringing some diversity to the debt market with its inaugural offering of a dollar bond.

Chiyu Banking Corp and Orient Securities Co have mandated firms to run new dollar bond deals, with roadshows set to start on Monday.

A €30bn debt exchange by Greece’s Public Debt Management Agency began on Wednesday and should help the sovereign boost the liquidity in the long end of its curve, said SSA bankers. But some warned that liquidity cuts two ways, meaning the sovereign’s levels could be more sensitive to any bad news that comes its way — although those working on the deal feel the upside far outweighs that risk, writes Craig McGlashan.

The social bond market — though still nascent — is rapidly gaining momentum. Three public sector issuers made their debuts in the market this week, all of which met with enthusiastic approval from Europe’s community of dedicated socially responsible investors.

Rating: Baa2/BBB/BBB

Nigeria’s plans to issue the longest ever sub-Saharan African Eurobond outside of South Africa will be a canary in the coal mine for frontier market issuers looking to extend their curves, according to EM analysts. Virginia Furness reports.

Bankers hope political turmoil won’t scupper Spain’s M&A market just as it emerges from years of stagnation, writes David Rothnie.

Hong Kong’s Wing Lung Bank managed to raise $400m from a Basel III tier two bond on Wednesday, braving increased volatility to find a source of replacement capital.