Citi

The euro high yield market closed the week before the Easter break in strong form, with bonds from Burger King France and Colfax, the US gas company.

Bank of China hit Asia's debt market hard on Tuesday, unleashing a huge deal spanning four currencies and six tranches. The $3.1bn-equivalent deal was designed to make a statement to the market that it should not forget China’s Belt and Road initiative, DCM bankers said. Morgan Davis and Addison Gong report.

Oil India raised $500m from the sale of its new 10 year notes on Tuesday, winning over investors with its investment grade rating, state support and rarity value.

Chinese corporates and FIGs contributed to most of the primary supply in Asia DCM on Tuesday, with China Oil and Gas Group, Yida China Holdings and Citic Securities snapping up a combined $1.45bn.

Korea Expressway Corp snapped up $400m on a busy Tuesday that saw eight bonds marketed in Asia ex-Japan. Although floating rate notes are gaining popularity in a rising rate environment, the region’s bond market will continue to be focused on fixed rate deals, reckoned market participants.

BlackRock added one year to a $4bn March 2021 five year facility this week, with over 30 banks piling into syndication.

Orders for Saudi Arabia’s debut sukuk were over $25bn on Wednesday morning allowing the borrower to tighten pricing ever closer to its conventional curve.

A fresh IPO launch broke the quiet in the pre-Easter European equity capital market this week: and a very unusual one — the first Romanian flotation of the year. Digi Communications, a leading telecoms and media group, wants to float 25% of its equity in Bucharest.

Orders for Saudi Arabia’s debut sukuk were over $17.5bn at the first official update on Tuesday afternoon.

Stellar funding conditions in emerging markets enabled Romania to print 10 and 18 year debt at record low yields on Monday.

The pace of borrowing has slackened for public sector borrowers as Easter approaches but a few are still out hunting for second quarter funding.

Issuers from the Gulf have taken over emerging markets bonds with Saudi Arabia on track to print its debut sukuk on Tuesday. Multiple tranche deals are the flavour of the week with Romania, Mubadala and KazmunayGas all offering multi-faceted deals.