Citi

IndiGo, the Indian budget airline, has fine-tuned its corporate structure to create more headroom for foreign investors as it inches closer to a $400m-$500m IPO in the second half of the year or 2016.

Middle East mandates are keeping CEEMEA supply hopes alive in a difficult market, and even Ramadan’s arrival will not close the window for new deals.

A pair of borrowers printed oversubscribed dollar deals in conservative maturities on Tuesday, finding conditions easier than at the long end of the euro curve.

Another bank has joined the procession of Middle East borrowers targeting perpetual deals, and picked banks for its first ever bond in that format.

Banca Monte dei Paschi di Siena made a successful conclusion to its €3bn rights issue this week, when the last tiny scrap of shares was swiftly auctioned on Tuesday.

Two SSA borrowers are out with dollar deals early this week — trades that could set the tone for the rest of the week’s issuance in the currency.

Russia’s Industrial Metallurgical Holding (KOKS Group) has picked banks for a potential 4.5 year dollar bond deal, which would be the first international Russian corporate bond for seven months.

State-owned MFB Hungarian Development Bank finished a roadshow on Wednesday for its first euro bond for four years, and has picked a tenor. But market turmoil has left it facing unacceptable spreads, and waiting for a better window.

Bank Rakyat Indonesia (BRI), which picked a consortium of 11 banks to supply its $550m financing, held a meeting for the lenders on June 8, said bankers. The Indonesian firm was initially looking for $400m but raised the size of the borrowing following a healthy response.

Red Star Macalline Group Corp, more popularly known as the Ikea of China, launched on June 12 its IPO in Hong Kong that could raise up to HK$7.22bn ($931.30m). The trade is already covered, after cornerstone investors signed up for a third of the book.

Skandinaviska Enskilda Banken (SEB) and Swedish Covered Bond Corp (SCBC) issued covered bonds of almost identical credit standing this week, but with very different outcomes.

Shares and rights of the two Italian banks going through recapitalisation rights issues made big moves again on Thursday, but bankers believe the deals for Banca Monte dei Paschi di Siena and Banca Carige will still succeed.