Citi

Insurance and pension fund demand is likely to drive further 20 year benchmarks after this week’s triumphant €5bn syndication from Belgium, SSA bankers argued this week. New appetite for the rare maturity particularly reflects the Solvency II directive, under which insurers’ holdings will be assessed using mark-to-market values up to 20 years, writes Craig McGlashan.

Global Ship Lease returned to the high yield market for its debut bond issue on Tuesday, after pulling the deal in December. The London-based container ship lessor sold $420m of bonds.

The first Russian mandate has been given for a Russian Eurobond since the country moved troops into Crimea on March 1. Lukoil has mandated Citi and JP Morgan to arrange its next Eurobond.

Maoye International Holdings, a Chinese investment company with interests in retail and property, is looking to make its debut in the offshore renminbi market.

Chinese property developer Sunshine 100 Holdings raised HK$2bn ($258m) from its IPO last Friday, pricing at the bottom of its indicative price range, even though anchor orders had already covered the book.

Indian travel website MakeMyTrip is marketing a follow-on deal worth up to $115m this week, comprising both primary and secondary shares, with a view to pricing the trade by Friday.

National Bank of Abu Dhabi sold its second ever Kangaroo bond on Wednesday, a comfortably oversubscribed five year trade. The scale of demand for the deal could lead to further Kangaroo issuance from emerging market financials, according to syndicate officials.

First time issuer Pactera Technology International is on the road for a senior secured dollar bond which it will use as part of the financing towards The Blackstone Group consortium’s proposed leveraged buyout of the firm.

Peru’s fourth largest bank Interbank was able to tighten pricing on its new 15 year subordinated bond as investors piled in to allow the borrower to print $300m of fixed to floating rate tier two notes.

ANZ has opted for a 10 year 144A subordinated fixed rate note for its issuance, becoming the first Australian bank to offer a US dollar Basel III bond.

Hyundai Capital Services priced a three year floating rate note through its existing curve on Tuesday. Dealers waited until the US markets opened to announce final price guidance which was in keeping with the issuer’s objective to focus on US investors.

Indonesian power company has closed the limited syndication phase of its $1.127bn loan, which saw two commitments come in during general. But four additional lenders expected to join when GlobalCapital Asia last reported on the transaction have ditched the deal, according to a banker.