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Public sector dollar issuance has had a slower start to the year than usual — in part because of super strong conditions in other currencies — but SSA bankers are confident the strength of the deals that did come this week will boost the pipeline.

Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany

The sterling market for public sector borrowers is enjoying its best ever start to a year thanks to superlative conditions, Sonia linked debuts and a UK parliamentary vote on Brexit next week.

Ireland is looking at the possibility of issuing its first ever benchmark inflation linked bond in 2019, amid an expected surge in the euro public sector linker market this year. Meanwhile, Portugal is waiting for the final approval of its inaugural Panda bond, which will be sold as part of an Rmb6bn three year programme.

Rating: A1/—/A+

On Wednesday, Deutsche Bahn sold its first bond of 2019, setting the bar with a €1bn 10 year deal that has a new issue premium of less than the 20bp limit that triple-B rated names had failed to tighten past.

The public sector euro market’s thundering start to the year stayed noisy on Thursday as a quartet of smaller issuers from across the continent printed oversubscribed deals.

Sterling issuance from non-UK public sector borrowers has made by far its strongest ever start to a calendar year, with borrowers and bankers citing liquidity-laden investors and a crucial parliamentary vote on Brexit next week as factors behind the rush. Council of Europe Development Bank (CEB) and FMS Wertmanagement added to the feast on Thursday, while Inter-American Development Bank will bring yet another trade this Friday.

France’s ESI Group has signed a €40m syndicated loan, with the virtual prototyping company adding to its banking group through the deal.

Saudi Arabia's $7.5bn bond, issued on Wednesday, met with little resistance from investors, despite international condemnation of the killing of Jamal Khashoggi at the country's consulate in Istanbul last year. The lead managers built a $27bn book for the deal.

Hong Kong’s Dah Sing Bank priced a popular $225m Basel III-compliant tier two deal this week, kicking off what is set to be a critical year for Asia’s bank capital market. Addison Gong reports.

China’s Road King Infrastructure nabbed $400m from a bond that was priced 50bp inside of initial guidance, on the back of the largest order book for an Asian deal recently.