Citi

Abu Dhabi's Mubadala has tightened the margin on its $1.75bn three year refinancing, despite the price on the original loan already being “eye-wateringly low”, according to one banker.

The southeast Asian high yield market saw some long overdue activity this week, with Indonesia’s Sri Rejeki Isman raising $350m from a liability management exercise. With volatility and low commodities prices forcing high yield issuers from the region to stay away from the market this year, Sritex’s success has now flung open the door to new issuance, writes Narae Kim.

Political turmoil has stopped from Croatia printing its planned euro Reg S issue, having completed a two day roadshow for the deal on Tuesday.

PKN Orlen printed the first non-financial corporate bond from Poland since 2014 on Wednesday and managed to mop up plenty of demand from a brand new investor base.

Indian mortgage lender HDFC is seeking $375m five year money in general syndication and is set to receive the entire loan from the leads this week.

The Sultunate of Oman is starting the roadshow for its dollar benchmark 144A/Reg S bond on Thursday.

Kuwaiti petrochemicals firm Equate is taking its time to refinance $6bn of loans, with bankers blaming the tight pricing and deal size for the slow progress of the self-arranged transaction.

PKN Orlen was on track to print a seven year dollar bond with books over €1.5bn at guidance on Wednesday.

The CEEMEA bond market is in full flow as issuers jump in ahead of the FOMC meeting, Brexit vote and Ramadan. Two issuers are out with initial price thoughts and a string of others have mandated for new bonds.

Veneto Banca’s IPO attempt has been set for the latter part of June, but whether it has any better success than Banca Popolare di Verona at finding institutional demand remains in doubt.

China State Construction Engineering Corporation Limited and Tianjin Infrastructure Construction are getting ready to meet investors ahead of their respective dollar fundraisings.

VPower Group International Holdings has filed for an IPO in Hong Kong and is looking to raise $500m in the third quarter of the year.