Citi

As Solera Holdings began on Tuesday in New York the last leg of its $2bn bond roadshow, investors in the US voiced their surprise at how negative some of its European counterparts remain about the success of the deal.

Nordic Investment Bank is preparing a three year dollar benchmark, following a KfW five year deal that had to brave a backdrop of negative swap spreads.

Investors have only been offered a tap of a Bahrain bond in the CEEMEA primary market this week so far, but it has been far from quiet as other events and people moves in EM caught the eye.

The Asia ex-Japan bond market finally saw some primary activity on Wednesday with the Republic of the Philippines set to be the first sovereign issuer of the year. The country launched a new 25 year bond and is giving investors the option to switch out of 16 outstanding deals at the same time.

By the second day of Saipem’s auction of its unsold rights, all of them had been sold to investors — but with the share price still 3.3% below the subscription price at Thursday's close, the underwriters may yet have to buy up to €427m of stock.

A $1.775bn loan for ONGC Videsh, the international arm of India’s Oil and Natural Gas Corp, has attracted commitments from just two lenders in syndication, with the deal due to close by the end of this week.

Indonesia is gearing up for its largest IPO in almost a year, with power producer Cikarang Listrindo eyeing a $300m listing on the Jakarta Stock Exchange in the first half of 2016.

After LeasePlan postponed its €1.55bn bond last week, US software producer Solera Holdings stands alone in the European high yield market as it roadshows a $2bn acquisition bond. But some bankers said that it will be hard for the Texan issuer to draw any lessons from LeasePlan's pain.

HoneyWell International took the earliest possible moment to issue its first euro denominated bond since 2001, bringing a €4bn four tranche offering to market.

The UK Debt Management Office has mandated banks for the sale of a Gilt set for the week beginning February 22.

Saipem, the Italian oil and gas engineering group, announced late on Thursday evening an 87.8% take-up for its €3.5bn rights issue, leaving the underwriters potentially on the hook for up to €427m. In a concerning sign, the shares were suspended on Friday after falling 11%, though they have recovered to 6% down.

Two lenders are financing a club loan of close to £140m ($202.8m) for a subsidiary of the Employees Provident Fund of Malaysia.