HSBC

Export Development Canada showed on Wednesday that despite some big deals this year in fives, there is still plenty of demand in the three year part of the dollar curve as it took the rare step of increasing a deal from its initial size target. The trade came as a trio of other dollar deals hit screens.

Agence Française de Développement made its 2017 debut with a €1.5bn five year on Wednesday, but longer dated euro deals seem to be struggling as European Investment Bank found with a April 2032 tap.

Portugal took out around a fifth of its funding programme for 2017 on Wednesday, printing a €3bn 10 year deal. Bankers away from the trade said pricing looked a little cheap — but at the same time defended the sovereign’s debt office for playing it safe to win size.

Gas Natural Fenosa, the Spanish energy firm, kept the long end alive on Wednesday as it issued a €1bn 10 year bond that won over two times oversubscription.

New World Development Company, via its wholly-owned subsidiary New World China Land, sold a $600m 10 year bond on Tuesday, the first time it had opted for such a long tenor, according to bankers.

A group of seven lenders opened a $600m loan for State Bank of India to retail participation this week, with three tickets up for grabs.

Canaccord Genuity has hired an experienced ECM banker to be its head of UK and European equity capital markets.

Public sector borrowers tore $10bn of funding from the dollar market on Tuesday, shaving several basis points from initial price thoughts in the process. Only one benchmark is on screens for Wednesday, but SSA bankers expect next week’s run-up to the inauguration of Donald Trump as US president on January 20 will be — in Trump terminology — “huge”.

The belly of the curve appears to be the favoured spot in euros, with the European Financial Stability Facility selling a €3bn November 2022 and Agence Française de Développement announcing that it intends to bring an April 2022 on Wednesday. Further out in the curve, the market is proving less supportive.

Portugal will kick off its funding year with a 10 year euro benchmark, mandating for the deal on Tuesday shortly after announcing its bond issuance target for 2017.

Gulf International Bank kicked off investor meetings this week for what could be the first publicly syndicated bond from the Middle East this year.

Indian oil producer Bharat PetroResources (BPRL) and Hong Kong’s New World Development Company have announced their respective bond offerings after wrapping up roadshows on Monday.