Deutsche Bank

The Singapore government’s investment arm Temasek Holdings ventured into the euro-denominated bond market for the first time this week with a dual tranche offering driven by reverse enquiry.

The SSA market has seen a steady stream of activity across the euro and dollar markets this week. The European Stability Mechanism priced the week’s biggest deal on Tuesday, printing €4bn in 10 and 40 year tenors. Meanwhile African Development Bank led the charge in dollars, preparing to print a $1bn no-grow in its first benchmark deal of the year.

Institutional investors flocked to India’s Rp50.3bn ($739.3m) sell down in NTPC, with the first leg of the trade almost 2x covered, giving the government’s divestment programme an eleventh hour boost.

NL Financial Investments, the Dutch state agency, has named bookrunners for the IPO of insurer ASR, having already chosen the global co-ordinators earlier this year.

Saipem’s unfortunate €3.5bn capital raise could have wide-ranging consequences for other firms desperately in need of fresh cash to weather the commodities downturn.

Deutsche Bank tendered some of its euro senior unsecured bonds at spreads through secondary levels on Tuesday, as it sought to lower its debt burden and suppress any fears about its balance sheet.

Export-Import Bank of Korea (Kexim) has hired banks to run investor meetings in Europe for a potential euro bond, which would be its first syndication in the currency since 2013.

Bank of England governor, Mark Carney on Tuesday told UK members of parliament the contingent bank capital market worked exactly as it should when bonds and shares suffered a sharp sell-off earlier this month.

India’s National Thermal Power Corp (NTPC) ended an absence of more than a year from the international bond market this week with a tightly priced transaction that left little money on the table for investors.

Cheung Kong Infrastructure Holdings (CKI) made a strong comeback to the dollar hybrid bond market on Monday with a perpetual non-call five. Despite the tight pricing and a structure that some considered weak, investors were keen to participate thanks to the borrower’s credentials and a lack of supply in the primary market.

The Indian government is selling down a 5% stake in state-owned NTPC that could raise at least Rp50.3bn ($739.3m), giving equity capital markets in Asia a much needed shot in the arm.

With the year not two months old, seven leading equity capital markets banks have got saddled with what is understood to be at least €50m each of Saipem shares, after the rump of its rights issue failed to sell.