Citi

The SRI bond pipeline for public sector borrowers looks fit to burst, with a string of issuers planning deals and KfW setting a marker with a thumping trade this week.

Public sector borrowers in the euro market on Thursday focused their attentions on the long end of the curve, but not every trade made it to full subscription.

It was a slam dunk for India’s first infrastructure investment trust, which raised Rp46.5bn ($727.4m) after IRB InvIT Fund priced its IPO comfortably at the top of expectations.

South Korea’s Woori Bank sealed its third Basel III additional tier one deal on Monday, raising $500m just before the country held its long-awaited presidential election.

Mexican financing and leasing company Unifin Financiera raised $450m of seven year bonds on Wednesday as bankers’ hailed the company’s improving reputation in the market.

Hong Kong’s Bank of East Asia launched a new Basel III additional tier one dollar deal on Thursday morning, following a roadshow earlier in the week.

Public sector issuers “can do whatever they want” in a rampant dollar market, with investors ploughing into books despite deals pricing close to or flat to their curves.

The European Financial Stability Facility has sent requests for proposals for a trade next week, as a pair of rare issuers on Wednesday placed deals flat to or through fair value in a euro market buoyed by Emmanuel Macron’s election as French president last weekend. Longer dated trades — of which the EFSF has sold several this year — also look to be back on the table for borrowers.

PSP Investments, the Canadian pension investment manager, has expanded its operations with the launch of a European hub, and wants to invest increasingly in private debt and real estate.

Eurobond offerings from US high yield borrowers may be harder to find in the second quarter of the year as pricing terms improve for US borrowers.

Bumi Serpong Damai and ICBC Sydney jumped into the debt market on Tuesday, capitalising on the positive market sentiment following the French presidential election.

A $651m facility for Vedanta Group will be split into two tranches, one for overseas lenders and the other helmed by Indian banks, according to a banker close to the deal.