Deutsche Bank
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Public sector borrowers are staying focused on the belly of the dollar curve, with a pair of issuers lined up for Wednesday. Demand at that part of the curve shows no sign of letting up, with two issuers out in fives on Tuesday — one of which was able to increase the size of its issue from its initial target.
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While many of the main euro issuers have already scored their big January benchmarks, the pipeline of euro issuance is growing increasingly congested, although the range of maturities on offer should allow borrowers to avoid treading on each other's toes.
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Shui On Land secured a $500m four year bullet on Monday from an order book more than six times subscribed, showing the continued interest from investors in Chinese property names for the right price.
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A stable market backdrop and the rarity of Thai credits allowed Siam Commercial Bank (SCB) to price its $400m bond tighter than its peers.
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Two more European sovereigns have hit screens with 10 year euro mandates, hoping to enjoy the same success that Portugal and Belgium with their deals at the 10 year range this year.
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With the euro primary market to itself, Germany’s largest telecommunications provider announced a €3.5bn triple tranche bond deal on Monday morning, luring investors to the long end of its offering.
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The Nordic Investment Bank and Province of Quebec are set to hit the five year part of the dollar curve on Tuesday, a trade that has returned some bumper deals for public sector borrowers so far in 2017.
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Investor AB, a Swedish industrial holding company, has signed a new five year plus one plus one revolving credit facility for a capped size of Skr10bn ($1.13bn).
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Siam Commercial Bank and the Industrial Bank of Korea both returned to the dollar bond market on Monday an extended period away.
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Chinese companies Shui On Land and Biostime International are looking to raise funds from the dollar debt market, launching their respective deals on Monday morning.
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