JP Morgan

As benchmark issuance remains on the side-lines, smaller issuers have come out to play, with rare borrowers Cassa Centrale Raiffeisen dell’Alto Adige and Luminor Bank on the hunt for deals Lilliputian in size on Tuesday. A handful of larger issuers are keeping a close eye, and could come to the market with small deals of their own in the coming weeks.

Hong Kong Broadbank Network has increased a loan to HK$5.5bn ($709m) after attracting 20 participants during syndication.

Stora Enso, the Finnish paper company, and Belgian utility Fluvius mandated banks to lead green bonds of 10 years or more on Monday, combining two recent themes in corporate bonds — ESG issuance and longer maturities.

The European Union’s third outing to fund its Support to Mitigate Unemployment Risks in an Emergency programme is set to hit the market on Tuesday in the shape of a 15 year tenor — matching the maturity of its loans.

Banks were busy issuing sub-benchmark sized deals in the euro public market last week, prompting several issuers to follow suit in the MTN market.

The Republic of Serbia this week raised a dollar bond in its second offering of the year, in what has been an exceptionally busy year for central and eastern European sovereign issuers.

The Ivory Coast has sparked life into what has been a bleak year for sub-Saharan African bond issuance. Most sovereigns have turned to the official sector to support them throughout the coronavirus crisis as a result of being priced out of the international debt capital markets, bankers said.

The IPO of Nordnet, the Swedish digital bank and investment management platform, is due to be priced at Skr96, the midpoint of the initial range, when bookbuilding ends on Monday.

The Republic of Uzbekistan, which debuted in international debt markets just last year, sold a dual currency bond this week, as foreign investors eyed up an Uzbek som tranche.

Millicom International Cellular has sold a 5.2% stake in Helios Towers, the Africa-focused telecommunications infrastructure company, through an accelerated bookbuild.

Chinese housing-related platform operator Ke Holdings has raised $2.05bn from a fresh follow-on offering of its New York-listed shares, returning to the equity market less than three months after its IPO.

Small transactions reached big audiences in the financial institutions bond market this week, as investors realised they would need to consider buying sub-benchmark supply in order to make the most of a dwindling deal pipeline. Tyler Davies and Frank Jackman report.