Citi

The Gabonese Republic and MFB Hungarian Development Bank have little in common, other than being the best prospects to break the Middle East’s dominance of the CEEMEA benchmark market.

Extreme swings in European government bond yields rocked markets this week, but worse could be yet to come.

Bank of Sharjah priced its first international bond deal on Monday, while National Bank of Abu Dhabi and Drake & Scull International added their names to the Middle East pipeline. But there are signs the run of Middle East deals is leading to fatigue in the conventional market.

Vestas Wind Systems, the Danish wind turbine maker, has refinanced a revolving credit facility it agreed last year, extending the tenor and achieving more favourable terms.

Dell, the US personal computer maker, has closed books on a loan repricing and will increase the deal, although investors put the brakes on a full repricing.

Woori Bank this week became the first non-Chinese bank to print an additional tier one (AT1) bond in Asia ex-Japan. The Korean lender was able to achieve the lowest coupon globally for an AT1 deal but sparked criticism that it was too aggressive with pricing and risked shutting the bank capital pipeline from the country, writes Narae Kim.

Just three months after paring down its ownership in Indian automobile manufacturer Eicher Motors, Swedish truck maker Volvo Group has exited via a Rp17.2bn ($268m) deal that proved popular but was severely hit by slippage.

Investors piled into the first offshore renminbi bond from Lenovo Group, keen to get their hands on some rare corporate supply. The strong response allowed the borrower to upsize the five year offering to Rmb4bn ($645m), equalling the record for the largest corporate dim sum bond.

National Bank of Abu Dhabi has picked banks for a tier one subordinated deal, its first ever in the international bond market.

Tough times in the Chilean high yield sector in the last 12 months are unlikely to put investors off taking advantage of a rare level of juice available for a credit from the country when Latam Airlines launches its new non-call five year bond on Thursday.

MFB Hungarian Development Bank (MFB) has mandated for its first euro deal in four years, and kicks off investor meetings next week.

Woori Bank is well underway with what will be the first Basel III additional tier one (AT1) from a non-Chinese bank in Asia ex-Japan. Bankers on the deal officially launched bookbuilding with price guidance on June 3, having collected feedback from investors the previous day on fair value and the best comps.