Currencies
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Montenegro came to market on Thursday for its first ever 10 year bond. Demand for the euro deal proved strong enough for the issuer to raise €500m and allowed the leads to set the yield roughly flat to fair value. -
Kommuninvest kicked off the dollar market this week with a $1.25bn blowout, despite it being at record tight levels over Treasuries, according to a banker on the deal. Following on from Kommuninvest’s deal, a wide range of SSAs look to print across the curve, including rare issuer IDB Invest with its five year dollar bond debut.
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The Export-Import Bank of Korea (Kexim) turned to the Taiwanese market to raise Australian dollars, after finding a receptive audience for the currency.
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Korean National Oil Company (KNOC) this week delivered the first post-summer Swiss franc bond from Korea, achieving a record low yield despite coming just ahead of a Swiss National Bank (SNB) policy announcement.
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The Republic of Kazakhstan and the State of Montenegro have mandated for the first euro bonds from the CEEMEA region since the market re-opened in September.
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Lai Sun Development, a Hong Kong-listed property developer and investor, has sealed a hugely popular HK$3.6bn ($460m) four year green loan to finance the Hong Kong Ocean Park Marriott Hotel.
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Bankers were surprised that the African Development Bank placed a one year bond last week linked to environmental, social and governance (ESG) factors.
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Indonesian state-owned power company PLN has diversified its funding sources. It debuted in the Samurai market, raising ¥23.2bn ($215m) from three bonds while paying a small premium over its outstanding dollar curve.
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SSA issuers turned towards niche currencies this week to meet a range of demand across the Australian and Canadian dollar curves. KfW and the Asian Development Bank started the week printing in Australian dollars, before the World Bank joined them in the currency while also returning to the Maple market.
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The Asian Development Bank hopped on to screens on Tuesday to print a new 10.5 year green Kangaroo bond. Demand for longer dated Kangaroo bonds has been muted recently, leading to smaller transaction sizes. So introducing a green label helped the ADB feel “comfortable” with achieving its minimum issuance size, said Anthony Ruschpler, treasury specialist at the ADB in Manila.
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The order book for Emaar Properties’ 10 year sukuk had hit around $1.85bn by Tuesday morning, but the issue size will be capped at $500m, according to a DCM banker on the deal.
