HSBC

The Republic of Cyprus has come to market for a euro Reg S benchmark, looking to follow up on its record breaking effort in late 2018 and extend its curve from 10 to 15 years.

France has picked banks for a long 30 year euro benchmark, returning to the long end of the curve with a syndication for the first time since May 2017, as promised in late 2018.

Telefonica Deutschland has launched a Schuldschein with wider pricing to reflect broader investor appetite, sources claim.

Jiangxi Railway Investment Group Corp, a Chinese local government financing vehicle, has made its debut in the dollar bond market, raising $300m.

Cifi Holdings (Group) Co returned to the bond market with a $300m transaction. The four year bond’s tight price stood in stark contrast to the two year notes Cifi paid up to sell in December.

The Netherlands Development Finance Company (FMO) is looking to sell its first social bond this year following its inaugural green trade this week. The agency is also keeping a close watch on the Sofr market.

The UK’s future may be impossible to fathom as the beyond-satirical story of Brexit drags on, but public sector borrowers printing in the country’s currency can be certain that this will be a year of tumbling records, with volumes soaring and average sizes rocketing. While strong technical factors are behind much of the demand, some SSA bankers say that a willingness by issuers to treat execution in the currency like that in euros and dollars has bolstered sterling’s standing.

The European Financial Stability Facility (EFSF) and Agence Française de Développement (AFD) became the latest issuers to enjoy a strong euro market this week, and there is more supply to come.

Investors backed the return of the Balearic Islands to the bond markets on Tuesday with the Spanish region selling its biggest ever single tranche bond. It was able to attract huge demand despite the threat of a snap general election in Spain — a prospect that looked increasingly likely as the week neared its end.

KfW made a strong return to the Canadian dollar market on Thursday after 3.5 years away from the currency, as it tightened pricing on its comeback deal. The German agency came alongside a green bond in the currency from a Canadian province.

UK media company Future has signed a £90m revolver and an infrastructure project is attracting continental demand, as European banks still show strong interest into sterling-denominated transactions despite the uncertainty around Brexit headed into Thursday’s parliamentary debate.

After a quiet start to February, property developers from China are making the most out of a liquid bond market, pricing dollar bonds way inside of initial guidance and still watching their bonds trade well in the aftermarket. The rush shows no signs of slowing down. Addison Gong reports.