HSBC

KommuneKredit and Unédic have both pulled off strong trades, getting in ahead of what is expected to be a busy week in euros by coming to market on Monday.

Tuesday’s dollar market is set to be packed to the rafters, with a quartet of issuers out with trades and most of the focus at the five year part of the curve.

Following a non-deal roadshow in December, Italian electricity and gas distributor Enel sold investors a €1.25bn seven year deal on Monday as it made its debut in the green bond market.

The European high yield market on Monday fired its opening shot of 2017 with a deal from TalkTalk. The UK telecoms provider is seeking £300m of five year non-call two senior unsecured notes.

Investor Access, a platform which allows investors to submit orders for a new bond issue directly into the order book was deployed for the first time last week on a Commonwealth Bank of Australia sterling covered bond. Now work is underway to convince more dealers of the initiative’s worth.

Four corporates from Greater China announced their respective plans to sell bonds on Monday, setting the stage for a potentially busy week of primary issuance in Asia.

Right Lane, a subsidiary of Chinese conglomerate Legend Holdings, has approached the loan market for a $350m borrowing.

Temasek-owned Mapletree Investments is preparing a perpetual bond, hiring two firms to work on the transaction. The currency is yet to be decided, but the firm is mulling between US and Singapore dollars.

The dollar covered bond market is in good shape, and it seems likely that issuers will want to follow the success of Bank of Montreal which last Wednesday issued the first benchmark of the year at a cheaper cost and in larger size than its previous deal issued six month ago.

Hopes that spiralling US Treasury yields could lead to a healthy year for 10 year dollar benchmarks from SSA borrowers took a beating this week when the Asian Development Bank bellyflopped with its own attempted entry. Craig McGlashan reports.

Rating: Aaa/AAA/AAA

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