Citi

Israeli Delek & Avner’s $2bn five tranche bond has tightened since pricing on Thursday evening — a further 20bp on the longer tranches and 26bp on the shorter.

Logan Property Holdings is meeting fixed income investors next week in Hong Kong and Singapore.

Concerns over Brazilian economic growth are apparently not strong enough to prevent issuers from the country making the most of bond investors’ desperate search for yield. First Caixa Econômica Federal and then Fibria Celulose issued tightly-priced, well oversubscribed deals at a larger than originally indicated size this week.

US bond specialists predicted many things for 2014, but few expected a rally in Treasuries. Yet this week the 10 year Treasury yield fell to 2.55%, making borrowing conditions even more attractive for high grade companies.

Rating: Aa1/-/AAA

Low supply in April plus an expected rates cut from the European Central Bank next month should have investors gagging for sovereign, supranational and agency paper in euros at any price offered. But as borrowers demonstrated this week, successful deals will be those that offer something in terms of pricing or maturity, as buyers look to pick up yield or spread in an ultra-low rates environment, writes Tessa Wilkie.

Rentenbank sold more than double its minimum target with a long dated Kauri deal this week, highlighting diverse demand for bonds denominated in the currency. The European Investment Bank and KfW also seized on investor demand for long dated paper, selling 10 year Kangaroo taps, and syndicate bankers expect the deal flow to continue into next week.

Glencore Xstrata hosted a packed bank meeting on Wednesday for its $17.3bn loan refinancing, but some bankers considering the deal said the flat 40bp fee structure for those joining the syndication left little reason to provide anything other than the smallest ticket.

Investors have hailed the Investment Corporation of Dubai’s decision to issue a dollar sukuk as a sign that the emirate is genuine about its push to become the centre of the Islamic economy. ICD began roadshows on Thursday in Singapore as it lines up a dollar debut.

Glencore Xstrata hosted a packed bank meeting on Wednesday for its $17.3bn loan refinancing, but some loans bankers considering the deal said the flat 40bp fee structure for those joining the syndication left little reason to provide anything other than the smallest ticket.

CNPC General Capital, a subsidiary of China National Petroleum Corporation, on Wednesday priced a dual tranche bond that included a three year floating rate note. While the vast levels of subscription seen by previous state-owned enterprises were not repeated, the issuer was able to get a significant saving over where a three year fixed rate note would have come. The five year priced just wide, however.

China’s Huawei Technologies is preparing to set foot in Europe with its $1bn revolver, marking the first time the company has opened syndication up to the European market. Asian lenders will miss out on the chance to lend to the credit, but bankers are applauding the move as it will help the borrower broaden its banking group, writes Rashmi Kumar.