Citi

The Republic of South Africa starts a non-deal roadshow next week following a recent medium term budget policy statement, but also has a firm mandate outstanding for an international bond deal.

Romanian utility company CEZ Distribution has signed a Leu675m (€152m) EBRD-arranged financing which is the first long tenor syndicated loan in Romanian new lei that the development bank has arranged.

Hybrid capital bankers who have insisted for the last few years that the rating agencies’ criteria were now stable and settled will be eating their words today. Standard & Poor’s has stripped the equity credit from 29 corporate hybrids, though it claims this is not a criteria change.

The Democratic Socialist Republic of Sri Lanka has tapped the dollar bond market for the second time this year with a $1.5bn transaction. Even though the sovereign had to pay up more than in its May outing, it ended up executing its largest ever bond.

A pair of agencies are set to tackle the belly of the euro curve, following a five year euro benchmark from European Stability Mechanism that left the supranational with just €2bn left to fund in 2015.

The Kenyan government will launch into general syndication a loan that could raise $750m in the next couple of weeks, according to a lead banker.

InterGlobe Aviation has launched its IPO of as much as Rp32.5bn ($500m) after finding robust demand from anchor orders, with their response expected to boost interest from other investors during bookbuilding.

Xinyi Solar has raised a smaller-than-expected HK$543.5m ($70.1m) from a top-up placement of shares, shrinking the deal by about 45% following its launch. Despite the transaction being slashed, sources are adamant the company found a good window to raise equity.

The Democratic Socialist Republic of Sri Lanka is out in the dollar bond market for the second time this year, marketing a new deal on Tuesday. The country has opted for the same format, tenor as the previous deal via the same banks.

Georgia Healthcare Group set on Monday morning the price range of its planned initial public offering, as it seeks to raise between $100m and $150m on the London Stock Exchange.

The European Stability Mechanism hired banks on Monday to run the latest piece of its inflated 2015 funding target, as its chief financial officer said the supranational could move into instruments other than euro benchmarks and bills.

Kuwait petrochemicals firm Equate is in the market for a $6bn one year loan after signing a $3.2bn deal to buy ME Global last week.