Currencies

Agence Francaise de Développement was the only public sector borrower to mandate banks for a new benchmark bond on Monday, as squeezed yields cause issuers to hold off from the primary market.

Barclays returned to the Australian dollar market this week for its second Kangaroo, placing a triple tranche trade that was four times covered. The demand for Kangaroo paper could see more issuers follow Barclays, according to one DCM banker.

The Republic of Serbia’s first international bond for six years took advantage of a wave of bond buying, after European Central Bank President Mario Draghi’s comments earlier this week signalled a growing chance of eurozone rate cuts.

China’s Kingboard Chemical Holdings has returned to the loan market for a HK$5bn ($638.7m) facility, a year after sealing a larger deal.

Philippine company International Container Terminal Services has closed its €260m borrowing after changing the use of proceeds.

Ukraine has released initial price guidance for a euro deal that the country has been waiting to print since before Volodymyr Zelensky’s presidential victory in April.

China Merchants Bank priced three year bonds on Wednesday that were split between a $600m floating rate note (FRN) and a €300m fixed rate tranche.

The Republic of Croatia launched its €1.5bn 10 year bond on Wednesday afternoon in London from a book of €6.4bn at a level 7bp inside of fair value, according to a lead manager on the note.

The Republic of Lithuania has set spreads on its 10 year and 30 year euro bonds having crunched 10bp from initial guidance.

The Republic of Indonesia raised more than $1bn from tightly priced bonds in the dollar and euro markets this week, taking advantage of improved investor sentiment and a recent upgrade to draw in investors.

Inalfa Roof Systems Group, a Netherlands-based car roof system supplier owned by Beijing Hainachuan Automotive Parts, is tapping Asian liquidity for a €200m loan.

Activity in the FIG sector in Swiss francs shifted from the international to the domestic market this week, with a little over Sfr850m ($857m) of new supply priced on Tuesday alone.