Goldman Sachs

Portugal equalled its largest ever benchmark size with a visit to the 10 year part of the curve on Thursday, taking the week’s overall sovereign euro issuance to a record high.

Portugal equalled its largest ever benchmark size with a visit to the 10 year part of the curve on Thursday, taking the week’s overall sovereign euro issuance to a record high.

NGA Human Resources has commitments due Friday for a £320m refinancing package, after having extended the deadline from December on investor pushback and widened pricing.

FIG issuance ground to a halt on Thursday as borrowers paused to reflect on weak secondary trading and a global sell-off in equities, leaving Dexia Crédit Local alone in the market.

This year’s first high profile IPO in Europe began today, when CMC Markets, the financial spread betting firm founded by Peter Cruddas, announced its long-expected intention to float in London.

Portugal is limbering up for its first benchmark of the year in a week heavy with eurozone periphery sovereign issuance, including an auction where Italy’s three year yield nearly dipped below zero.

Israel has embarked on a US roadshow for a dollar bond, using the same three lead managers as it has done for its last two Eurobonds.

In a starved Russian loan market peppered with asset backed loans, three Chinese banks have lent a highly prized unsecured credit facility of Rmb4.8bn ($730m) to Russian mining company Norilsk Nickel. It is the latest sign of the increasing importance of Chinese money in a Russian economy increasingly squeezed by international sanctions and falling oil prices. Elly Whittaker reports.

Hotel Lotte could raise as much as $5bn from its IPO, expected as early as March, and land the title of the largest ever listing in South Korea in the process, according to market sources.

The start to 2016’s equity business has not been easy, with markets doing little to help convince issuers to pull the trigger. But European stockmarkets have settled down, and are managing sometimes to trade well even on days when China’s market falls.

The European Financial Stability Facility and Nederlandse Waterschapsbank on Tuesday brought euro benchmarks in five and seven year maturities. Now much more at those tenors is expected.

Kommuninvest and Oesterreichische Kontrollbank are set to bring deals at the short end of the dollar curve on Tuesday — by which time leads are hoping Monday’s turbulent swap spreads will have calmed.