Citi

Bank Nederlandse Gemeenten (BNG) launched the first SSA benchmark of 2017 on Tuesday. While the agency raised €1bn, its success was muted in comparison with the way it opened 2016.

Renault Credit International Banque, the finance subsidiary of Renault, became the first corporate bond issuer of 2017 on Tuesday, slipping through the year’s earliest possible window to issue in euros.

Loan facilities backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food will go into general syndication this month, with a fifth bank joining the bookrunners and tranche prices having been indicated to ‘early bird’ lenders.

KommuneKredit and the Asian Development Bank (ADB) will reopen the dollar market for SSA borrowers on Wednesday. Meanwhile, the EIB is lining up to perform the same service in sterling bonds.

Syndication of Elysium Healthcare’s reduced £133m loan has run over into 2017 at investors’ requests, according to a banker on the deal, as the European leveraged loan market returns with expectations of a healthy New Year pipeline.

India’s two main stock exchanges are set to start 2017 on a positive note, with Bombay Stock Exchange (BSE) likely to launch a $200m deal this month and National Stock Exchange (NSE) bringing a jumbo $1bn IPO in the second quarter.

Allocations are out for a $150m three year loan for a subsidiary of Chinese electro-acoustic product maker Goertek, which gathered commitments from 10 banks during syndication.

Robust demand is expected to result in an oversubscription for a dual currency financing to back Indian company Intas Pharmaceuticals’ acquisition of a portfolio of assets in the UK and Ireland.

Equity investors have something new to believe in: fiscal largesse in the US kickstarting global growth. That’s good news for the many companies and banks with capital to raise in 2017 — the trouble is, markets are likely to be as volatile as Donald Trump’s temper. By Jon Hay, additional reporting by Aidan Gregory

On the surface, equity capital markets are a well-oiled machine, built to run over the rocky ground of unpredictable stockmarkets. Beneath the surface, there is a lot of sweat. Banks are having to staff their teams with less money, but do just as many deals. Investors are under the cosh, too, squeezed by weak performance and the march of passive funds. Jon Hay reports.

CEEMEA borrowers had their busiest year since 2013 this year, issuing $157bn of international bonds which is just shy of double 2015’s volumes.

Turkish participation bank Turkiye Finans (TFKB) has agreed a $180m Islamic club loan with similar pricing to its loans in recent years, despite sector-wide downgrades for Turkish banks after a turbulent year in the country in 2016.