Citi

Greece’s olive branches to its creditors failed to impress sovereign DCM and syndicate bankers and investors this week as its bonds were routed once again. But the fortunes of the Hellenic Republic — the first eurozone country to seek a bail-out — were in stark contrast to those of the first country to leave one as Ireland sold a triumphant debut 30 year benchmark.

Isolux Corsán, the Spanish energy and construction firm, pulled its €600m IPO on January 29, in the first blow to what has been Europe’s strongest ECM region so far this year.

Slovakia’s Eustream printed a €500m no-grow 10 year bond at 200bp over mid-swaps on Thursday late afternoon in London, the first investment grade corporate deal out of central and eastern Europe so far this year.

National Bank of Abu Dhabi printed its $750m five year bond on Wednesday from a book of $1.8bn, having been successful in attracting emerging market and investment grade accounts despite tight pricing flat to the curve.

Italy’s Servizi Assicurativi del Commercio Estero (SACE) made a last minute appearance in last week’s primary FIG market, pricing a €500m perpetual non-call 10 year subordinated bond at 25bp lower yield than where initial price thoughts were set despite uncertain secondary markets and an ostensible lack of comparables.

Eustream has released price guidance for a €500m no-grow 10 year bond at 220bp area over mid-swaps. The deal is expected to be priced later on Thursday.

National Bank of Abu Dhabi printed its $750m five year bond on Wednesday from a book of $1.8bn, having been successful in attracting emerging market and investment grade accounts despite tight pricing flat to the curve.

Philippine consumer food and beverage company Universal Robina Corp’s NZ$742m ($537.57m) loan has been allocated, with 10 banks joining the syndication. The loan, which is for the company’s acquisition of New Zealand’s Griffin's Foods, received a good response thanks to the lack of top tier offshore deals out of the Philippines.

Reliance Industries tapped the dollar bond market for the second time in two weeks, raising $750m from a 30 year bond on February 3. Even though it was not by design, having the deal come at a later stage proved to be a masterstroke as Reliance was able to achieve some top notch pricing.

The Chung family is making its second attempt at offloading some of its shares in South Korean conglomerate Hyundai Glovis, launching a block trade of up to W1.17tr ($1bn) on the afternoon of February 5. The deal comes only a few weeks after a similar transaction was pulled from the market, having failed to appeal to investors.

The Export-Import Bank of India (India Exim) launched a 5.5 year US dollar offering on February 4. The quasi-sovereign credit attracted such strong demand from investors that the regular issuer barely paid new issue premium despite a competitive backdrop.

Argentine oil and gas company YPF provided the Latin American bond market with its toughest test of 2015 on Wednesday. Although the state owned company did not raise as much money as initially hoped, the deal at least showed investors were willing to lend more money to Argentina ahead of the City of Buenos Aires’ imminent visit to international bond investors.