Deutsche Bank

Public sector borrowers are staying conservative in the dollar market this week, opting for short dated trades or floating rate notes. The trend is likely down to issuers having one eye on expected Federal Reserve rate increases in the US, said bankers.

Five new high yield offerings, including the biggest floating rate note seen in Europe so far this year, entered the market this week. The FRN is a sign that frontiers are becoming blurred between different leveraged finance markets for debt buyers, said bankers.

Santander and Deutsche Bank yanked in the pricing for new senior trades from their US shelves this week, filling the gap created by US banks' blackout periods.

Tuesday is yet another busy day for China DCM, with Bright Food (Group) Co, Greentown China Holdings and Central China Real Estate in the market for bonds, while China Railway Group is set to meet accounts for its return to the international debt market.

The Republic of Indonesia launched a dual tranche dollar deal on Tuesday morning in Asia, and began marketing a seven year euro portion when London opened.

South American development bank Corporación Andina de Fomento (CAF) is set to price a dollar-denominated benchmark bond on Tuesday less than two weeks after losing its only negative outlook.

The International Finance Corporation (IFC) announced on Monday that it will launch a five year floater on Tuesday, becoming the latest borrower to tap into the demand from investors looking for protection from rising rates. It will share the market with three year benchmarks from Municipality Finance and Corporacíon Andina de Fomento (CAF).

Asian Development Bank opened proceedings on two Kangaroo taps on Monday.

A special purpose vehicle under India’s Greenko Energy Holdings is ready to market a dollar green bond, while Hong Kong’s Castle Peak Power Company is looking to sell what it is calling an energy transition bond.

B. Grimm Power raised Bt10.4bn ($305.9m) last Friday after pricing its Thailand IPO near the top of expectations, amid a recovery for stocks in the utility sector.

Greentown China Holdings and ENN Energy Holdings are courting investors for new dollar deals this week.

The engines of sterling high yield issuance sound louder every week, with luxury carmaker McLaren and RAC Insurance adding supply to the already burgeoning sterling high yield bond market.