Goldman Sachs

The public sector market is making the most of what may be the year’s last attractive opportunity for benchmark issuance ahead of a risk laden November.

The European Bank for Reconstruction and Development is set to test the five year part of the dollar curve — a tenor not attempted by many issuers over the last few weeks — as a French issuer opted for the tried and tested three year maturity and a German agency was able to increase a deal at that tenor from its target size.

Austria was richly rewarded for taking a leap into the unknown on Tuesday, as it took orders of over €7bn for the longest dated syndication ever from a core eurozone sovereign. KommuneKredit also broke its tenor record in euros, while the European Financial Stability Facility hired banks for a tap of a bond that looks short end by comparison.

Spain’s real estate investment trust Merlin Properties on Tuesday sold its second issue in a market where most eyes turned to Danone’s €6.2bn jumbo deal.

Hong Kong rail operator MTR Corp sold its debut green bond on Monday, attracting orders worth $1.4bn. The deal saw strong support from European accounts in particular, thanks to the rarity and quality of the credit.

Goldman Sachs has hired a senior market maker in emerging markets trading to replace Kevin Kelly who resigned from the bank in June.

Yet another Italian corporate has come to the new issue euro bond market seeking liability management refinancing, as utility company Iren on Monday offered investors a €500m eight year bond.

Austria is looking to stretch its curve to hitherto untapped lengths, as it mulls a 70 year euro benchmark. Also seeking duration, Rentenbank pushed out its curve, printing a bond at 20 years for the first time ever.

Erste Abwicklungsanstalt has hired banks to run its first benchmark since June and its first in dollars since March.

BMI Healthcare, the operating arm of General Healthcare Group, added a loan package to the run of sterling issuance in the European leveraged finance market of late.

Morgan Stanley followed Goldman Sachs’s lead by putting a one year call option on a senior bond on Monday, as it became the third US bank to visit euros after publishing third quarter results.

Hong Kong underground rail operator MTR Corp is selling a 10 year green bond and is set to become only the second green debt issuer from the city.