Citi

National Bank of Abu Dhabi has released initial price thoughts for a five year dollar benchmark at 90bp over mid-swaps, equating to only around a 10bp pick-up from the secondary trading of its August 2019s.

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.

International bond investors welcomed back Tower Bersama for the first time in two years as the Indonesian telecoms tower operator priced a $350m seven year non-call four offering on February 3. On the back of strong demand, the issuer achieved the lowest ever yield for a seven or longer tenor offering from a private Indonesian company in the high yield market.

The Export-Import Bank of India is continuing its tradition of tapping the dollar debt market once a year, opening books to a 5.5 year transaction on February 4.

Investors shrugged off concerns about contagion to other eurozone countries from Greece’s stand-off with its creditors on Tuesday, as they flooded into Ireland’s first ever 30 year syndication. Greek yields also screamed lower during the day after its finance minister hinted that the country’s new government might not pursue a debt write-down, while fellow bail-out recipient Cyprus returned to bill auctions.

Reliance Industries is back in the dollar debt market for the second time in two weeks, taking advantage of strong residual demand to launch a 30 year bond on February 3.

Indonesian telecom tower operator Tower Bersama is looking to make its first appearance in the international bond market since making its debut in 2013, opening books for a seven non call four year dollar bond on Tuesday, February 3.

Eurozone sovereign issuers lined up to take advantage of the quantitative easing driven flattening of the euro curve on Monday, as one country the periphery mandated banks for a 30 year benchmark and another set most of its target range for an auction later this week at the long end of the curve.

Italy’s Servizi Assicurativi del Commericio 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 initial price thoughts were set at, despite uncertain secondary markets.

Russian steel company Severstal has updated the terms of its offer to buy back of up to $600m in aggregate of its 2016s and 2017s.

National Bank of Abu Dhabi (NBAD) is meeting investors this week to offer an update on its recently announced financial results. A senior dollar bond may follow.

KES Power has raised Prp6.375bn ($63m) from a sale of shares in Pakistan’s K-Electric, after shrinking the deal size by nearly half and pricing the delayed block at the bottom of the bookbuilding range. Just two international investors signed up for stock as pressure on the company’s share price, negative news about dividend payment plans and protests in Karachi wreaked havoc on the trade’s execution.