Citi

World Bank will find out whether what has been a resilient market for public sector dollar issuance over the summer can support a jumbo trade, after mandating for what will be the first such deal in dollars from an SSA since the spring. Swedish Export Credit Corporation is also out in the currency, going ahead despite some geopolitical and US governmental turmoil over the last few days — and more issuers are lining up to follow.

The euro market for public sector borrowers appears to be fully reopening after the summer break, with a pair of issuers bringing mandates in very different tenors. Both trades are likely to benefit from the lack of supply over the last few weeks, said bankers.

Hyundai Capital Services is kicking off the week with a dual tranche dollar deal that will be sold to investors in Asia, Europe and the US.

Indian lender IndusInd Bank has closed syndication for a $300m three year loan, with allocations likely to be out early next week.

Cairn India Holdings, which signed up new lenders for a $651m borrowing in late July, has received commitments from two more banks.

Jamaica underlined the issuer-friendly conditions on offer in EM bond markets this week after an oversubscribed tap of two bonds that left some investors with allocations of zero amid a simultaneous buy-back.

Public sector borrowers are adding new flavours to the flurry of emerging market paper that has dominated flows in the medium-term note market throughout the summer, printing trades in currencies they only rarely access.

Nederlandse Waterschapsbank on Thursday became the latest issuer to tap into a hot summer market for dollars, increasing a tap from its initial size while printing flat to its curve.

Chinese live streaming platform YY tapped the US market this week with a block sale of American Depositary Shares (ADS), capitalising on a surging stock price. Bankers are preparing for a raft of similar block sales — as well as a growing list of US IPOs from Chinese companies. Jonathan Breen and John Loh report.

Some banks will emerge from summer with a pressing need to secure new staff, but coverage gaps are taking longer to fill, writes David Rothnie.

US plastics manufacturer Trinseo priced its new dollar refinancing bond deal with coupons more than 100bp tighter than the old notes. It is also marketing new term loans.

Global systemically important banks (G-SIBs) in the US will still have to issue billions of dollars of new bonds in 2017 to meet their regulatory requirements for long-term and loss-absorbing debt, potentially leading to a busy four months for primary market activity.