Goldman Sachs

The year's total issuance of triple-C rated bonds in the European high yield market jumped from €4bn to more than €6bn this week. Many believe this could be the last week to bring new deals in 2017.

SSA bankers looking to get their Christmas shopping in early were in a state of shock on Tuesday, as the World Bank brought a dollar deal to follow the Province of New Brunswick’s return to the currency after a six year hiatus. But that could be it for 2017 as issuance is unlikely next week, which is bisected by a Federal Open Market Committee meeting.

The euro high yield pipeline unveiled a battery of deals this week, six of them with ratings below double-B. The largest came from French frozen food retailer Picard Surgelés, which will refinance over €1bn of existing debt and pay a dividend to its private equity sponsors.

Abu Dhabi National Oil Co, the Abu Dhabi state-owned oil company, is set to price the initial public offering of its distribution arm on Friday, in a deal worth Dh3.125bn ($851m), after revising guidance to the lower half of the range.

Euro high yield bond buyers caught sight of a rare two digit coupon this week. Perstorp, the Swedish speciality chemicals group, priced its subordinated note with a 10% coupon.

The Republic of Indonesia added yet another feather to its cap this week, selling its first SEC-registered bond on Monday. The sovereign has long been considered one of the most sophisticated debt issuers in Asia, and its new $4bn transaction shows how far it has come, writes Morgan Davis.

SSA bankers looking to get their Christmas shopping in early were in a slight state of shock on Tuesday, as World Bank lined up a dollar deal to follow a Canadian province’s return to the currency after a six year hiatus.

Indonesian power producer Paiton Energy returned to the international debt market on Monday to add another $100m to its August bonds, in a bid to extend its debt maturity profile.

The Republic of Indonesia grabbed $4bn on Monday from its first SEC-registered bond, pricing all the three tranches within its curve while also diversifying its investor base.

French insurance broker Financière CEP and UK frozen food producer Nomad Foods have launched refinancing offerings to increase the size of existing debt.

China Reform Holdings Corp, China General Nuclear Power Corp (CGNPC), Hong Kong’s Pearl Holding III and Shimao Property Holdings are among the issuers in the market with new transactions on Monday.

The Republic of Indonesia is back for its fourth outing in the international debt market this year. But the sovereign is offering something a little different to investors this time around, taking bids for its first SEC-registered bond.