Citi

Credit Bank of Moscow looked set to test the limits of investor appetite for Russian bank paper on Thursday with the longest senior dollar deal from the jurisdiction since the start of the Ukraine crisis.

Fixed income investors have plenty supply to choose from out of Asia with seven issuers venturing out on Thursday. Corporates joining the fray included property companies Shokai Group and Golden Wheel as well as Guangxi LGFV and Hong Kong’s Li & Fung.

Seven deals launched Thursday as issuers came out in force to raise money ahead what is expected to be greater market uncertainty in November.

A trio of issuers on Wednesday were able to tighten pricing or print above their minimum targets — or both — in another strong day for the dollar market.

US pharma giant Merck reached for a long tenor on Wednesday, in the process reopening the market for ultra-long trades as it issued a 20 year tranche.

The public sector market is making the most of what may be the year’s last attractive opportunity for benchmark issuance ahead of a risk laden November.

The European Bank for Reconstruction and Development is set to test the five year part of the dollar curve — a tenor not attempted by many issuers over the last few weeks — as a French issuer opted for the tried and tested three year maturity and a German agency was able to increase a deal at that tenor from its target size.

Spain’s real estate investment trust Merlin Properties on Tuesday sold its second issue in a market where most eyes turned to Danone’s €6.2bn jumbo deal.

Corporate bond investors had it well flagged to them that French dairy goods producer Danone would bring its jumbo five tranche offering this week, but it sparked excitement all the same when it arrived.

Hong Kong-listed company Li & Fung has picked banks for a dollar-denominated subordinated fixed-for-life perpetual bond.

Bank of China (London) has mandated banks for what is being described as the first green covered bond from a Chinese bank in a transaction that will be backed by climate debt.

Russia’s largest privately owned oil company Lukoil is set to bring its first bond in three years on Wednesday. Demand for the top tier Russian corporate is expected to be strong and could drive pricing inside the borrower's indicative curve, according to rival bankers.