Citi

The public sector debt market is in for another hectic week of borrowing as issuers flock to take advantage of the superb conditions left in the wake of Emmanuel Macron’s victory in the French election.

The European subsidiary of CNH, the US agricultural machinery company formerly called Case New Holland, launched a benchmark euro high yield bond on Monday, as yields in the market hit new all-time lows.

State Bank of India has roped in eight firms to manage the up to $900m IPO of its insurance arm, according to bankers.

Piramal Enterprises’ board has approved an up to Rp50bn ($780m) equity raise, with the firm now looking to get the nod from shareholders.

South Korean oil company GS Caltex Corp has mandated banks for a dollar deal, with a global roadshow starting next week.

Global Ports Holding, the Turkish company that owns 15 ports in the Mediterranean and further afield, has priced its London IPO just above the bottom of the range, achieving a £465m market capitalisation. The shares are trading up about 1.75%.

Bank of East Asia wrapped up a new Basel III additional tier one deal on Thursday, applying the lessons it learnt from its previous subordinated note outing.

One of Asia’s most frequent borrowers BOC Aviation has mandated six firms for a dollar-denominated Reg S outing, with roadshow set to take place early next week.

Mexico City-based DCM bankers say that the mood among the country’s financial community has drastically improved since the start of the year, as Unifin on Wednesday became just the fourth Mexican credit to issue dollar debt in 2017.

Citigroup, State Street and Bank of New York tapped the market as the callable bandwagon rolled on and banks continued to boost their regulatory capital buffers.

Digi Communications, the fast-growing Romanian telecoms and media group, has successfully completed a €190m IPO, the first from the country this year, despite being hit during the bookbuild by news that some of its senior executives were being investigated for bribery and money laundering, and the fact that voting rights remain controlled by the founder.

Volatility late in the week failed to dampen a scorching few days of public sector dollar issuance, auguring well for more expected supply in the currency next week. Four issuers — some of which came this week to avoid other trades pencilled in for next week — were able to price deals at tight levels, with some coming through their curves.