HSBC
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A megayacht of a trade from KfW this week suggested that potential headwinds — including the end of quantitative easing, Italy’s reckoning with the European Commission and Angela Merkel’s plan to step away from politics — are failing to sink sentiment in the euro market. But some SSA bankers warned that the trade was more just proof that KfW can float in these conditions — and that an upcoming deal for the European Financial Stability Facility (EFSF) will be a better buoy for the sector’s currents. -
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The euro leveraged loan market appears keen to counter recent criticisms against lack of financial maintenance covenants with yet more cov-lite issuance, including a buyout deal from private schools operator Inspired.
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India’s Rural Electrification Corp pushed into the US market on Wednesday with its first 144A deal, to diversify its investor base. The power financing company decided to keep the $700m deal to one tranche and opted to leave some premium for investors.
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Mirae Asset Daewoo Co became the first securities firm from South Korea to tap the international bond market this week, when it issued $300m on Wednesday.
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Indonesia’s Pertamina made a quick comeback to the debt market on Wednesday, selling a 30 year bond just days after terminating a tender offer.
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Agricultural Bank of China's Hong Kong branch became one of only two issuers to print floating rate notes (FRNs) in October, raising $800m on Wednesday.
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The Netherlands plans to join the burgeoning list of sovereign green bond issuers and could become the first triple-A rated country in the group. Whether the bond will be via syndication or the country's preferred auction method has yet to be decided. Meanwhile, two of the country’s public sector SRI borrowers were busy in the format this week.
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China Citic Bank International gave in to investor demands for a higher yield on its additional tier one notes, compromising on price to secure a $500m trade.
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Österreichische Kontrollbank and Erste Abwicklungsanstalt priced well received dollar deals on Tuesday. The pipeline in the currency is building with Bank Nederlanse Gementeen and Swedish Export Credit Corporation having lined up three year trades.
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KfW received a final book of over €12bn for a five year euro benchmark on Tuesday, while the City of Hamburg closed out its funding for the year with its longest outstanding bond. Finnvera will add to the euro SSA supply this week, after mandating banks for a short 10 year that is likely to be its final syndication of the year.
