Citi

Citigroup has issued on Thursday an unusual €374m bond, exchangeable into shares of Telekom Austria, as part of a deal that enabled América Móvil to reduce its stake in the company, fulfilling an earlier promise, without suffering a big fall in the share price.

India appears poised to continue its strong IPO streak as Dilip Buildcon gets ready to launch a Rp6.53bn ($97.5m) trade next week.

The Indian debt capital markets came alive on Thursday with two issuers out the gates as Export-Import Bank of India and Adani Transmission launched their respective 10 year dollar bonds.

Belgium has sold a three year dollar benchmark, finding strong demand in spite of a US Federal Reserve meeting scheduled for Wednesday night and the traditionally quiet summer period.

A string of dollar issuance from public sector borrowers is set to extend into Wednesday, as Belgium mandated in the currency following a pair of deals from an agency and a supranational.

MTN, the South African telecoms group, is syndicating a $1bn new money loan that could involve non-relationship lenders.

Glenmark Pharmaceuticals sealed its debut $200m international bond at a yield of 4.5% on Monday, which bankers on the deal said was the tightest pricing achieved by an Indian high yield name.

The scorching pace of Indian IPOs looks set to continue as Dilip Buildcon prepares to launch a Rp6.53bn ($97.5m) listing next week, with bankers expecting a solid response from investors.

Ecuador gave as good a show as possible that technicals are outweighing fundamentals in EM bond markets with a new $1bn bond due 2022 just a week after announcing the worst fall in GDP since the introduction of the US dollar as the currency.

A stream of dollar issuance over the last few weeks looks like it will keep flowing right into this Wednesday’s US Federal Reserve meeting, after a pair of borrowers mandated on Monday for no-grow $1bn deals.

South Korea’s Kookmin Bank and Indian’s Glenmark Pharmaceuticals ventured out to the dollar debt market on Monday with their respective bonds.

Fosun International-backed insurer Ironshore is looking to raise some $100m via a US listing in a trade to feature only secondary shares, according to a filing with the US Securities and Exchange Commission.