Citi

Peruvian conglomerate Intercorp attracted $1.8bn of demand for a $250m 10 year bond on Wednesday to show Latin America’s corporates that there is plenty of pent-up demand among investors despite market volatility.

The rally in government bonds since the European Central Bank announced its sovereign quantitative easing programme at the end of January has restored relative value in core European covered bonds. Though yields remain low, BPCE and Belfius Bank this week issued benchmark deals that enjoyed exceptionally good demand that was boosted by the return of real money rates investors to covered bonds.

Wizz Air, the Hungarian budget airline, has announced its intention to float in London, seven months after its previous, failed IPO.

Australian energy company AusNet Services has mandated four banks for its third euro bond.

Danube Foods Group, the Serbian packaged foods conglomerate, is raising a €300m loan to back its buyout by Mid Europa Partners.

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.