Citi

Sub-benchmark transactions made up a chunk of Wednesday’s busy euro primary market, with Metso Corp and Neste bringing bonds for less than €500m.

There was just a smattering of public sector dollar deals this week — but a wide difference in how they fared.

Investor appetite for yield and renewed confidence in the Nigerian financial sector helped United Bank for Africa (UBA) size an inaugural dollar bond at the top end of the target range on Thursday.

KommuneKredit fell short of full subscription with a three year dollar benchmark on Thursday, with few updates provided through the book building process.

Stora Enso, the Finnish-Swedish wood, paper and packaging maker, started a roadshow on Tuesday for a €300m bond that will have one of the longest tenors in the high yield market this year.

Norilsk Nickel had taken a book of $1.4bn for its new April 2022 and looked to be on track to print with its lowest coupon ever as it makes use of the seemingly unstoppable bid for emerging market assets.

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United Bank of Africa (UBA) is set to become the second Nigerian lender to tap the dollar market in less than two weeks after emerging with pricing for a debut five year deal on Thursday.

Central American sovereign Guatemala sold $500m of dollar bonds on Wednesday in a deal that came roughly flat to its curve.

Public sector borrowers are aiming for the short end of the dollar curve, as swap spreads in the area hover around the spot in which they started 2017, having dropped sharply from the year’s highs hit in March.

The Export-Import Bank of China (Chexim) is set to hold investor calls for a euro fixed rate five year bond and a dollar floating rate three year. India’s Canara Bank, meanwhile, will meet accounts in Asia and Europe for its first dollar outing since 2013.

A $651m loan for Cairn India Holdings was launched into general syndication on Monday, with the deal divided into four portions based on the different purposes of the fundraising.