Deutsche Bank

Corporates from Hong Kong, China and Singapore were clamouring for investors’ attention on Thursday for their respective offerings.

Export Development Canada showed on Wednesday that despite some big deals this year in fives, there is still plenty of demand in the three year part of the dollar curve as it took the rare step of increasing a deal from its initial size target. The trade came as a trio of other dollar deals hit screens.

Public sector borrowers tore $10bn of funding from the dollar market on Tuesday, shaving several basis points from initial price thoughts in the process. Only one benchmark is on screens for Wednesday, but SSA bankers expect next week’s run-up to the inauguration of Donald Trump as US president on January 20 will be — in Trump terminology — “huge”.

Primary activity in the European leveraged loans market is off to a stuttering start this year, with only a few small deals launched and larger borrowers either yet to appear or set to forego the market.

CT Corp company Trans Retail, which had been in discussions with banks for a fresh financing since late last year, is on the verge of signing the deal.

KommuneKredit and Unédic have both pulled off strong trades, getting in ahead of what is expected to be a busy week in euros by coming to market on Monday.

Tuesday’s dollar market is set to be packed to the rafters, with a quartet of issuers out with trades and most of the focus at the five year part of the curve.

Rentenbank added a A$475m ($349.6m) tap to its September 2022 Kangaroo bond, joining the Asian Development Bank and Inter-American Development Bank in printing Kangaroo fives in the new year.

Following a non-deal roadshow in December, Italian electricity and gas distributor Enel sold investors a €1.25bn seven year deal on Monday as it made its debut in the green bond market.

Fast growing Argentine energy company Pampa Energía will begin investor meetings on Tuesday as it plans a much anticipated debut bond sale to refinance loans used to purchase Petrobras’ Argentine operations last year.

Hopes that spiralling US Treasury yields could lead to a healthy year for 10 year dollar benchmarks from SSA borrowers took a beating this week when the Asian Development Bank bellyflopped with its own attempted entry. Craig McGlashan reports.

Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany