Citi

Rating: A1/A+/A

Toronto-Dominion Bank (TD) and National Australia Bank (NAB) raised more than €3bn this week in the US dollar denominated covered bond market, nearly doubling supply seen so far this year.

Italian luxury sports car manufacturer Ferrari sped into the capital markets ahead of the ECB’s monetary policy committee meeting on Thursday with a €500m debut bond.

Southern Gas Corridor Company has started investor meetings for a bond fully guaranteed by Azerbaijan.

Israel printed a new 10 year bond and a tap of 2043s on Wednesday with only a small new issue concession and some of the biggest books seen so far this year for a CEEMEA bond.

Citi executed its second Indian block trade in as many weeks on Thursday, helping a group of vendors raise Rp8.62bn ($128.22m) from a sell-down in software giant Infosys.

Indian Oil Corp and Bharat Petroleum Corp have launched their respective borrowings, worth a collective $580m, into general syndication. Both are offering the same base margin, but the latter is being generous with its all-ins for new banks.

Pakistan and Sri Lanka have approached the loan market for their latest fundraisings. While interest in the former has been steadily rising, the latter was recently hit by a rating downgrade.

The Asia ex-Japan bank capital market sprang back to life this week as United Overseas Bank (UOB) completed the first-dollar denominated trade in the region this year. The deal's strong reception bodes well for those looking to follow but market participants have predicted another lacklustre year in term of volumes, writes Rev Hui.

Cemex tightened its latest deal by over 50bp from initial price thoughts as the Mexican cement company was rewarded for a conservative starting strategy with a well-oversubscribed book.

Existing shareholders in Infosys are selling stock worth Rp8.8bn ($130m) via a block trade, which is expected to price before markets in India open on Thursday.

Israel has tightened price guidance on its 2043s tap and new 10 year bond, both in dollars, in the hope of printing the deal later on Wednesday.