Citi

With a dearth of emerging market bond supply defining the start of the week, it was left to high yield issuers to provide something for EM investors to get their teeth into as United Group, a cable operator in Eastern Europe, became one of five HY mandate announcements announcements on Monday.

NetLink Trust has priced Singapore’s largest listing in five years, raising S$2.3bn ($1.7bn) from a well covered book after global yield-focused investors piled in.

South Korean agricultural lender Nonghyup Bank began marketing a five year dollar transaction on Monday morning, returning to the debt market after about nine months.

An institutional investor bagged HK$2.1bn ($268.8m) after offloading a chunk of its shares in property firm China Vanke last Friday, taking advantage of a jump in the company’s share price.

Greentown China Holdings and ENN Energy Holdings are courting investors for new dollar deals this week.

The engines of sterling high yield issuance sound louder every week, with luxury carmaker McLaren and RAC Insurance adding supply to the already burgeoning sterling high yield bond market.

Rating: Aa1/AA/AA

In one of the liveliest weeks for Polish IPOs for years, Raiffeisen Polska’s flotation was pulled, debt collector GetBack priced its listing at the bottom of the range, and Play Communications, the mobile phone company, achieved a covered book on the market’s biggest IPO for five years.

Spiralling core eurozone government yields helped the European Financial Stability Facility pull off a cracking dual tranche trade this week, picking up a hefty €3.5bn at the long end. That led to speculation that other issuers could look to grab some long end funding before the summer — but with rates still rising and a weak French sovereign bond auction on Thursday, the window may have passed.

Predictions that financial institutions would ebb as the mainstay of equity capital markets business after the major post-crisis wave of recapitalisations had been completed have proved premature.

Bankers were calling the end of the dream run in emerging market bonds on Friday after Liquid Telecom was unable to tighten pricing or meet the $600m size target for its debut note on Thursday.

Debut issuer Liquid Telecom had the sole focus of the CEEMEA primary bond market this week with bankers on the deal hoping that the combination of high yield and low duration will tick the right boxes for investors as rates continue to tick up.