Citi

A trio of SSA issuers took to the dollar market this week to sell aggressively priced deals, filling gaps in supply at the front end and belly of the curve. However, while deals this week may have thrived at very tight levels, syndicate officials have warned that issuers may need to be more reasonable in the levels they demand in the near future.

Banco Popular Español (BPE) issued the third Cédulas of 2014 and at €1bn, the issuer’s largest covered bond in three years. Though it was by no means the most attractive spread this year it was less than half the average of its previous three deals.

An impressive euro benchmark debut for Kommunalbanken that left bankers running out of superlatives should be a “blueprint” for other top-rated issuers looking to enter the market, according to a head of SSA DCM.

Citi’s Charles Antoine Roche is an avid fan of the monarchy and has high hopes for his new baby boy — royal hopes — anointing his newly born son Charles II.

Institutional investors in France, Italy and Switzerland are increasingly showing interest in structured notes on volatility target underlyings, driven by current low yields in fixed income markets and attractive OTC budgets.

Sinopec Group Overseas Development smashed records for Chinese state-owned industrials with a $5bn five tranche bond that ranks as the largest dollar deal in Asia for over 10 years, the largest bond from the country’s SOE sector and as well as the first to include floating rate notes. And it managed to price through its curve at each maturity.

Damac Real Estate Development’s debut sukuk helped get Middle Eastern capital market volume off to a strong start for the second quarter, as the company priced a bigger than expected $650m inside guidance late on Wednesday, with over $2.7bn of orders.

International Personal Finance has completed the buyback of its 2015 Eurobonds, funded with its €300m 2021 new issue, priced on Tuesday.

First time dim sum issuer China Merchants Bank launched a three year offering on Thursday that will be capped at Rmb1bn ($162m).

Astra Sedaya Finance has managed to more than double the size of its loan to $670m from the launch size of $330m, gathering a stellar response from lenders thanks to the company choosing to do a targeted syndication. The final deal size has even left bankers on the loan surprised by the tremendous market interest.

China Citic Bank International is hoping to be first out of the blocks with Asia’s first US dollar denominated Basel III-compliant tier one notes, as it prepares to meet investors.

Chinese technology company Baioo Family Interactive priced its HK$1.52bn ($196m) debut on Thursday, despite global comps dropping by as much as 16% through the marketing process.