Goldman Sachs

Greece’s impressive return to the public bond markets this week has set the perfect backdrop for further syndication in 2019, which bankers say could be a 10 year, a maturity it has not tested since its 2014 post-bailout comeback. The big bid for eurozone periphery debt could also see Greek and Italian banks sell covered bonds in the near future, according to market participants. Burhan Khadbai and Bill Thornhill report.

Chinese electric car company Nio made a splash in the US convertible bond market this week, raising $650m from its debut issuance and using a call spread feature to engineer a tasty premium. Jonathan Breen reports.

Nio, the Chinese electric car company, has launched bookbuilding for a convertible bond that will be worth as much as $650m, according to a source close to the deal.

KfW brought yet another record breaking trade to the SSA market in 2019, printing a five year euro benchmark whose order book volume was an all-time high for the issuer.

Greece’s highly anticipated return to the public bond markets on Tuesday met with a strong reception from investors. With up to €4.5bn more of benchmark bonds to issue in 2019, Greece is expected to return to the markets for a second syndication this year, which bankers say could be in the 10 year part of the curve. Cyprus will look to follow up on Greece’s success after setting out plans to roadshow a euro transaction in February.

There was a wall of supply from Chinese property companies at the start of the week. Road King Infrastructure and Yuzhou Properties brought a pair of callable four year bonds, but Jingrui Holdings and Fantasia Holdings Group both stuck to the very short-end of the curve.

Goldman Sachs and BNP Paribas priced a deal for auto parts maker Parts Europe, formerly Autodis, on Thursday, funding the issuer’s November purchase of Oscaro.

Austria, Belgium and Greece went out with mandates for syndications at various parts of the euro curve on Monday, just a day before a crunch vote in the UK Parliament on amendments to prime minster Theresa May’s Brexit plan. But bankers said concerns around Brexit are limited and are no roadblock to sovereign issuance.

Egypt is revamping its capital markets presence, lining up a debut in the green bond market, a first deal in an Asian currency, and dollar and euro benchmarks all by the end of its fiscal year in June.

Leveraged loan bankers in Europe speak of a growing pipeline, but the only deal priced this week was a small loan extension from Wittur, the German maker of lift parts.

NWS Holdings and Sino-Ocean Group Holding received more than $4bn in orders for their respective bond outings, with their deals in hot demand both in primary and secondary markets.

South Korean discount store chain Homeplus is set to launch a real estate investment trust IPO next month, according to a source close to the deal.