Goldman Sachs

Three SSA borrowers hit the dollar market on Tuesday. The Inter-American Development Bank raised $4bn with a five year while Kommunalbanken tested the waters at 10 years. The World Bank joined them with a small but impressive bond linked to Sofr.

After three eurozone sovereigns hit the primary market on Tuesday, more supply will follow on Wednesday with Germany setting its sights on its second syndicated transaction after returning to the format in May, helping it deal with a much bigger funding programme in response to the coronavirus pandemic.

There were no issues of competing supply on Tuesday as three eurozone sovereigns amassed big order books, buoyed by last week’s expansion of the Pandemic Emergency Purchase Programme (Pepp).

Bohai Bank’s Hong Kong IPO application was being considered by the stock exchange’s listing committee on Tuesday, according to a source close to the deal.

Spain and SNCF SA announced new euro benchmarks with 20 year maturities on Monday, following the European Investment Bank’s record-breaking effort in the tenor last Friday.

Kommunalbanken is looking to take advantage of the hot demand in the long end of the dollar curve, while the Inter-American Development Bank has chosen a more common maturity in the belly of the curve.

Greece and Ireland are set to test the primary bond market this week, returning to one buoyed by a fresh injection of confidence after the European Central Bank expanded its Pndemic Emergency Purchase Programme (Pepp) last week.

Burning Rock Biotech, a cancer detection and therapy company, has opened books for its up to $209.3m Nasdaq IPO following a hot week for Chinese listings in the US.

Reliance Industries raised Rp531.2bn ($7.04bn) this week from India’s largest ever rights issue and the company’s first primary equity offering for over 25 years.

Zhenro Properties Group and Seazen Group took advantage of a lack of high yield dollar bond supply in Asia to raise $600m between them on Thursday.

Rating: Aaa/AAA/AAA

Travelodge has opted to restructure its debts through a CVA rather than using the UK’s new restructuring framework, shortly to become law. That means landlords are likely to be the losers, rather than bondholders.