Citi

Five year bonds continue to dominate the public sector dollar market, with the World Bank and European Investment Bank securing oversubscribed books at what is proving to be the sweet spot for the currency.

Two Turkish bond deals this week were seen as a welcome treat for investors starved of recent supply from the country, and more is still in the pipeline.

British Telecommunications plc (BT) on Thursday joined the surge of blockbuster multi-tranche deals that has hit the euro bond market since mid-February as it raised €3.9bn of bonds across three tranches.

Even rival bankers are lavishing praise on the $1.5bn long 10 year bond Turkey sold on Wednesday, which drew a $4.47bn book and needed only a 10bp-15bp new issue premium to print.

Montenegro has released initial price thoughts for a five year euro denominated bond at 6% area, offering around a 50bp new issue premium, according to a banker away from the deal.

Citi is set to end a decade long association with China Guangfa Bank (CGB) having announced this week that it will be selling its entire stake in the lender to China Life Insurance.

Sumitomo Mitsui Banking Corp sold half its stake in India’s Kotak Mahindra Capital this week, raising Rp20.69bn ($300m) in the year’s first block trade in the country. And in a rare case, the deal managed to bypass the problem of slippage typical with sell-downs in India. Jonathan Breen reports.

Telefonica sold on Wednesday what a lead banker said was the firm’s first equity-neutral convertible bond, for €600m, continuing a recent trend for such structures.

The World Bank printed on Wednesday a five year dollar benchmark, following in the footsteps of the EIB's deal on Tuesday.

The only spark of new issue activity this week from CEEMEA is an Islamic Development Bank sukuk, but EM bankers in London are also busy with a European roadshow from Femsa.

Emirates Global Aluminium has completed its $4.9bn loan refinancing, with eight lenders joining the underwriting banks, as this week the borrower announced its income had almost halved last year.

ThyssenKrupp, the German industrial group, joined the surge of corporate bond issuance on Tuesday as the fallen angel company raised €750m.