HSBC
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Poland reopened the CEEMEA bond market this week after investors in search of safe havens pushed central Eastern European sovereign spreads tighter. Uncertainty over the timing of a US rate hike has left buyers wary of more typical EM names and left CEE sovereigns among the select few that could avoid paying heightened premiums.
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IPO bankers are treading cautiously around two of the post-summer season’s most highly anticipated trades in Hong Kong, after a global sell-off in stocks sent investors packing and clouded the outlook on shares sales with China links. -
Two French borrowers took advantage of a resurgent corporate bond market on Wednesday, with electrical components manufacturer Schneider Electric and real estate company Icade selling euro debt.
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Bankers are pointing to sovereigns from central Eastern Europe as the best hope for CEEMEA supply although much of the region is bound by the uncertainty of when the US will start to raise rates.
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European Investment Bank has added further evidence of the euro market’s growing strength over dollars — but its deal was still at the lower end of Earn size expectations despite a decent new issue premium.
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Poland made sure CEEMEA was not left out of the September restart rush on Wednesday, but more traditional emerging markets are likely to be left sidelined until after the US Federal Reserve decides to raise interest rates, said debt bankers.
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Shanghai Pudong Development Bank Co (SPDB) is due to start roadshow for a proposed dollar bond this week.
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The European Investment Bank has lined up a euro benchmark that SSA bankers are praying will add to a strong €5bn deal from KfW last week — but the supranational is unlikely to aim for the same size as its German peer.
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The leasing arm of Turkey’s Yapi Kredi Bank, Yapi Kredi Leasing (YKL), has signed its first loan in eight years for $106m, as its parent company kicks off a $1.2bn refinancing.
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Banque Fédérative du Crédit Mutuel has burst back into the market shortly after a summer blackout, raising €600m with a spree of floating rate medium term notes.
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The International Finance Corp (IFC) will head to the Middle East for investor meetings later this month after receiving a rating for its prospective $100m sukuk.
