Deutsche Bank

All the action in the SSA bond markets switched to euros on Wednesday morning with the US Federal Reserve's imminent decision on interest rates quieting the dollar market.

The private equity majority owners of Indian IT company Mphasis raised $500m on Tuesday from a five year non-call two deal, despite it having a structure that is quite unfriendly to bondholders.

Once troubled Chinese property developer Kaisa Group Holdings, which launched an exchange offer last week, has released minimum yields on the four sets of new fixed rate notes that will replace its outstanding variable rate senior bonds.

State-owned hydropower company China Three Gorges Corp is marketing its maiden international green bond denominated in euros. The firm raised Rmb6bn ($900m) from an onshore green outing two years ago.

A trio of euro borrowers launched trades and a fourth picked banks on Tuesday in a market buoyed by a perceived renewal of European political unity following welcome results in elections in France and Italy at the weekend.

The €3bn IPO of Allied Irish Banks, the Irish banking group, was covered at its maximum size including the greenshoe by the end of the first day of the bookbuild on Tuesday. The deal could value the rescued financial institution at up to €13.3bn if it is priced at the top of its range.

Kommunalbanken built a doubly subscribed book on Tuesday for a long three year dollar deal that bankers said should give confidence to the market after a similar trade from KommuneKredit two weeks ago fell short of full subscription.

The IPO of ALD, the car leasing division of Société Générale, is covered at its maximum size including the greenshoe, ahead of the end of the bookbuild on Thursday.

On Monday night, NLFI, the organisation that manages the investments of the Netherlands, completed the sale of another chunk of its stake in ASR Nederland, the insurer nationalised during the financial crisis.

Romania-focussed Globalworth Real Estate Investments drew support from a variety of investors for its debut bond, which included a large cornerstone order from a financial institution, to price a €550m deal at 3% on Monday.

A $400m fundraising for Indian data analytics firm Mu Sigma has received commitments from five banks. Syndication for the deal, which was launched in March, remains open at the sub-underwriter level.

Marble II, a special purpose investment holding company of Indian IT firm Mphasis, started taking bids for a senior secured five non call two year bond on Tuesday.