Europe

Turk Eximbank became the third Turkish borrower to tap the dollar market in less than a week on Tuesday, raising $500m of seven year funding.

Polyus Gold emerged with pricing for a long five year dollar bond on Wednesday morning as reports circulated of imminent supply from a pair of big Russian corporates.

Citi attracted €5.9bn of demand for a €2.75bn dual tranche euro bond on Wednesday, in what could be the first of a string of US offerings in the currency.

The IPO of Ahlsell, the Nordic distributor of plumbing and electrical products, got covered at its maximum size within 24 hours of the launch of its bookbuild on Tuesday afternoon.

The CEEMEA bond market exploded into life this week in what will be one of the busiest of the year. Saudi Arabia is leading the action with its much-anticipated bond but Turkey made an impressive comeback with four of its banks in the market following Friday’s sovereign trade. Further supply from Poland, Russia, the Middle East and Africa is adding plenty of diversity for investors.

Despite tricky conditions in the European corporate bond market, a varied array of issuers has come to market this week, with the flow increasing as the week has gone on.

Poland cemented its position as one of EM’s most nimble and savvy issuers on Tuesday by printing a 30 year euro deal — only the second ever from a non-Eurozone sovereign — in an opportunistic trade.

UK government bonds have suffered their biggest monthly loss in over 20 years this week, although the price had begun to recover by Wednesday morning, with a syndicated tap set for later this month.

Berlin Hyp issued a €175m tap on Wednesday after it emerged that Crédit Agricole would not be proceeding with its previously announced 10 year. Meanwhile, Hypo Oberoesterreich signalled its intention to press ahead with its debut covered bond.

Despite an IPO market strewn with casualties, three of the largest European IPOs of the year are progressing through bookbuild.

A five year loan for a subsidiary of Employees Provident Fund of Malaysia has entered syndication, three months after the leads were chosen.

Plans abound to connect China’s bond market with offshore counterparts but they have had little success until recently. Now Russia’s National Settlement Depository (NSD) is close to launching a link in the first half of 2017, Eddie Astanin, chairman of the executive board, told GlobalRMB.