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Meanwhile, LatAm sovereign announces mandate for a multi-tranche deal that could come next week
Sovereign closed 'remarkable' deal despite US Treasury pricing drama
Big, volatile week in EM raises questions around fair values
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DBS Group announced a mandate on Wednesday for a euro tier two deal. It is thought a transaction would be its first in euros outside of covered bonds, and it would be the first unsecured trade from a Singaporean financial institution in euros in more than 10 years.
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Saudi property developer Dar Al Arkan has tightened price guidance for its sukuk, with books for the deal hitting $1.1bn.
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Gazprom opened books on an eight year euro transaction on Wednesday, having recently regained three investment grade ratings for the first time in several years.
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Dubai-based developer Majid Al Futtaim printed its third hybrid bond on Tuesday, a $400m perpetual non-call eight year. In the absence of a strong Asian bid, real money European investors anchored the book.
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Hungary has priced its first Japanese yen deal in over a decade, achieving its lowest ever funding cost, as its love affair with Asian currencies for diversification continues.
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Emerging market bond investors are reporting low secondary flows in a market dominated by new issues this week. And the mixed performance of those new deals is expected to weigh on investor appetite for this week’s trades.
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