HSBC

Italy is set to benefit from a Bank of Japan-induced rally in eurozone government bonds late last week after mandating for a 30 year benchmark on Monday — and bankers suggest Spain could follow with a similar deal.

Turk Eximbank (Turkiye Ihracat Kredi Bankasi) has released initial price thoughts for the first Turkish bond of the year at 425bp area over mid-swaps.

Bankers say that five years appears to be the right point in euros in a week in which a raft of issuers hit the books.

A window for sovereign, supranational and agency issuance opened after the Federal Open Market Committee (FOMC) meeting on Wednesday, with deals likely to get done before the inevitable slowdown accompanying the start of the Chinese new year on February 8.

China Railway Rolling Stock Corp hit the equity-linked market this week for $600m, becoming only the second firm to print an H-share CB in Asia since 2007. The deal, which follows a similar issue from a Chinese peer earlier this month, has set in motion the transition from a rare deal type into a regular funding option.

Haitong International Securities has hit the market for a HK$8bn ($1bn) three year bullet, which could increase in size depending on demand.

LGC, the UK life sciences company being bought by KKR, tightened price guidance on its €350m euro term loan ‘B’ again, after bringing forward its deadline.

China Development Bank (CDB) reopened a dual-currency transaction on Wednesday, bagging a $2bn equivalent from the euro and dollar tap. With strong demand from onshore investors, the policy lender was able to cut cost while raising more than the size of the original bond.

Philippine homebuilder Vista Land & Lifescapes opted to tap its outstanding bond rather than sell a new deal on Wednesday due to challenging market conditions. Although pricing wasn’t as tight as expected, offshore investors were still keen due to its scarcity value and a lack of other primary supply.

A trio of agencies priced deals on Wednesday after a challenging Tuesday that was impacted by a combination of worrying data from China and low oil prices.

The Asian market finally saw some signs of activity on Wednesday with China Development Bank and Vista Land & Landscapes opening taps for their respective dollar bonds.

A difficult start to 2016 has led public markets looking subdued at best. Issuers and investors alike are turning to the private placement market to get deals done.