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The bank is considering bond issuance in currencies other than the euro
◆ Intesa Sanpaolo's Slovakian arm is a frequent issuer ◆ Banker said 33bp could be through FV ◆ CEE covereds offer the widest spread, ABN wrote
Books were €700m for what had been penned as a €750m deal

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  • Industrial and Commercial Bank of China (London) has closed its first green loan, a $370m dual currency facility, a year after issuing its debut green bond.
  • CEE
    Russia’s State Transport Leasing Co, also known as GTLK, printed a $550m Reg S bond on Wednesday from a book of more than $1.3bn, with a surprisingly high proportion of US offshore demand.
  • CEE
    Montenegro came to market on Thursday for its first ever 10 year bond. Demand for the euro deal proved strong enough for the issuer to raise €500m and allowed the leads to set the yield roughly flat to fair value.
  • Kazakhstan printed a €1.15bn dual tranche bond on Wednesday from a book of more than €3bn at its peak, at levels that lead managers said were 6bp inside the curve for the seven year and 4bp inside for the 15 year. Bankers away from the deal saw fair value differently but conceded that there could be different views on the calculation.
  • Nasdaq-listed Pinduoduo became the latest in a growing line of Chinese companies to tap the US convertible bond market, pocketing $875m after pricing its debut issuance at the tight end of guidance.
  • Taqa, the Abu Dhabi National Energy Co, is in the market on Thursday for its first 30 year bond since 2006.