Goldman Sachs

Climbing US Treasury yields and tightening swap spreads are pushing out levels in dollars, but Swedish Export Credit Corporation (SEK) managed a successful three year trade — a good omen for an upcoming deal from Kommuninvest on Wednesday.

A pair of supranationals hit opposite ends of the euro curve on Tuesday, keeping down their size ambitions in favour of tightening pricing.

The volume of euro and sterling high yield bonds on sale in Europe jumped to €1bn on Tuesday, after NBG Pangaea and Premier Foods hit the market with new offerings. Meanwhile, retail high yield funds enjoyed a second week of inflows.

China Tower Corp set the ball rolling for its Hong Kong IPO on Monday, filing a prospectus for a potential $10bn listing, according to a source close to the deal.

Two mandates hit screens on Monday for supranational euro benchmarks. The Asian Development Bank (ADB), encouraged by a favourable basis swap, is set to make a rare appearance in the currency, coming to market alongside the European Stability Mechanism (ESM).

Swedish Export Credit Corporation will bring a three week dearth of SSA dollar benchmark issuance to an end on Tuesday after mandating for a three year issue. A shift in Libor rates, swap spreads and secondary levels since the last glut of dollar supply should all make for a keenly watched trade, said bankers.

Two A-rated corporates went head to head in the euro corporate bond market on Monday as UK pharmaceutical giant GlaxoSmithKline and US electrical systems manufacturer United Technologies Corp both launched triple-tranche deals, with two matching maturities, which totalled €4.5bn.

Huya, a live streaming platform backed by YY and Tencent, has raised $180m after pricing its US IPO at the top of guidance.

GlaxoSmithKline added to the crush of red hot dollar bond supply this week, as borrowers began a spring stampede to lock in funding ahead of a likely rate rise next month.

The Bank of England avoided bringing any surprises before the UK Debt Management Office sells its first syndication of the 2018-19 financial year next week as it kept its base rate on hold on Thursday. But some analysts are warning that investors may be overconfident of a hike later this year.

ReNew Power, a poster boy of India’s clean energy firms, is looking to raise as much as $1.4bn through an IPO as it revives public share sales in the sector.

A sale of Burberry shares by Group Bruxelles Lambert caught investors by surprise on Tuesday and left Goldman Sachs believed to be holding stock or nursing a loss in the luxury fashion house after being unable to cover the deal in full.