Citi

Spain could wrap up its funding target for the year at an auction of three and five year debt on Thursday, but while the yield is likely to fall on the shorter bond the longer dated paper’s yield is set to rise. Meanwhile, Cassa Depositi e Prestiti looked set to pass its first syndication test since May after setting pricing on a January 2018 bond at the tight end of initial price thoughts on Wednesday.

The Republic of Turkey raised $1bn with a 10 year sukuk on Tuesday, closing the gap between its conventional and Islamic funding costs to just a handful of basis points. Despite some disagreement over just how close the issuer got to conventional levels, the tight pricing provides ammunition for debt bankers trying to tempt other sovereigns into the Islamic market.

China National Petroleum Corp (CNPC) may be a regular in the debt market, but it managed to reposition itself through its latest $1.5bn trade thanks to a first time guarantee from the parent. Such was the response from investors that it added a floating rate note during bookbuilding.

NTPC launched bookbuilding for a ten year dollar bond on November 19 in its first outing for more than two years. The power company is hoping to capitalise on its status an Indian quasi-sovereign in a market that a market that is overrun by supply from China.

Shares in Rai Way, the broadcasting infrastructure arm of Italy’s state-owned radio and television station Rai, began trading this week, after the company priced its €280m IPO at the bottom end of the range.

China Development Bank’s financing arm CDB Leasing is set to kick off a series of meetings with investors starting this week in Asia and Europe for a senior unsecured dollar bond issue.

Management roadshows have started this week for the Indian government’s divestment of a 5% stake in Oil and Natural Gas Corp (ONGC), expected to fetch around Rp169.50bn ($2.75bn) based on its market capitalisation.

China National Petroleum Corp is back in the market, launching a deal on the same day and sticking its formula of launching a multi-tranche trade in dollars but unlike previous trades that have used a keepwell agreement, the new bond will have a guarantee from the parent which has led to an upgrade from the ratings agencies.

Citi India has appointed UBS veteran Arvind Vashistha head of equity capital markets for India.

Feiyu Technology International Company, a Chinese mobile game developer, is gauging investor appetite for a Hong Kong IPO of around $100m and is predominantly targeting Asia to drive the trade.

Bank of East Asia raised $500m in its first Basel III deal, managing to attract a huge order book which allowed bankers to tighten guidance by 30bp.

Regulators have agreed a first round of fines over rigging the G10 FX markets, but with big beasts such as the US Department of Justice conspicuous by their absence from the settlement, there could be plenty more to come.