Citi

Investors are seeing good value in the long dated tranches of a landmark $7bn four tranche bond and sukuk deal from Malaysia’s state oil and gas company Petroliam Nasional (Petronas), which opened books on Wednesday morning. If the issuer gets the trade away at its target size, the deal will be the second largest in dollars from Asia ex Japan.

Malaysia’s state oil company Petroliam Nasional (Petronas) has started taking orders for a four tranche dollar deal split between a five year sukuk alongside seven, 10 and 30 year conventional bonds. An investor said he was expecting a total size of $6bn-$7bn, making the deal potentially the second biggest G3 bond in Asia ex Japan after Alibaba's $8bn deal last year.

Dutch insurer NN group is set to continue a busy run for senior issuance on Wednesday, mandating banks on Tuesday for its debut senior unsecured print.

Millicom International Cellular has released price guidance for a $500m 10 year non-call five note at 6.25% yield area.

Montenegro is looking to extend its curve with a euro bond up to €500m, potentially its largest yet.

Korea’s Woori Bank (WB) is due to sign a $500m multi tranche financing this week. The self arranged club loan is paying banks razor thin margins.

ICBCIL Finance, a wholly owned subsidiary of Chinese lender ICBC’s leasing arm, has picked four banks to work on its inaugural outing in the international bond market.

Malaysia’s state oil company Petroliam Nasional (Petronas) is gearing up to issue its first dollar sukuk in almost six years, having mandated five banks to run a series of roadshows in Asia, Europe and US.

Axis Bank successfully returned to the dollar market with a $250m tap to its existing 3.25% 2020s. The deal saw such strong demand that the issuer was able to scale up the size while pricing it slightly tighter than the original deal.

Vestas Wind Systems, the unrated Danish wind turbine manufacturer, priced a €500m bond on Wednesday after being forced to revise its pricing and format aims.

Axis Bank has begun taking orders for a $200m tap to its existing 3.25% 2020s issued last year. While the deal is not driven by reverse enquiry, bankers were confident about going ahead as they had good visibility on what accounts would want to come into the trade.

Swedish truck maker Volvo Group has raked in Rp19.19bn ($310m) by selling some of its stake in Indian automobile manufacturer Eicher Motors via an overnight block trade that was wrapped up on the morning of March 4. Robust demand allowed the seller to offload far more shares than originally planned, as investors piled into a story they understood and liked.