HSBC
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Nordic Investment Bank is looking to tap into what has been a bumper market for public sector sterling issuance in the early part of 2018, after hiring banks on Monday to run a December 2023 Reg S only benchmark. -
The European Investment Bank is set to bring its first core currency trade of the year, after hiring banks on Monday for a March 2023 global dollar benchmark. Despite a strong start to the year for the currency last week, no other dollar deals from SSAs are on screen — but a new issuer could join in the next few months.
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Surprisingly, given the strength of the corporate bond market, no euro mandates or roadshows were announced on Monday other than Vonovia's €1bn deal, which was completed intraday. However, the sterling market has finally flickered into life.
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Country Garden Holdings Company (CoGard) and SEA Holdings are planning their comebacks to the offshore debt market, while Wharf Real Estate Investment Co is set to test its luck with accounts for the first time.
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Longfor Properties Co returned to the dollar market on Monday for its second investment grade deal in six months.
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Michelin, the French tyre maker, crowned an interesting first week of the year for Europe's equity-linked bond market on Friday with a $600m equity-neutral convertible bond due in 2023.
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Chinese conglomerate Citic became one of the first movers in the dollar debt market this week, raising $750m from a dual-tranche bond on Thursday.
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Property developer Lai Fung Holdings will kick off a roadshow next week for a new dollar bond.
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The dollar market picked up where it left off in 2017 with tight pricing and bulging order books as borrowers hit the ground running.
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The sterling market had a healthy opening week in the public sector with three deals raising a combined £1.9bn, and there is plenty more in the pipeline, according to syndicate bankers.
