JP Morgan

The Republic of Lithuania made fools of market doubters on Thursday, slapping down a long end euro trade with its lowest spread in a decade and a bigger than expected size of €450m. The deal sets a strong tone for the three known CEE sovereigns in the pipeline.

ating: Aaa/AA

A trio of top tier SSA names nipped through a narrow issuance window at the start of the week to launch tightly priced dollar benchmarks.

It is open season for repricings in the levloan market and lenders are feeling the squeeze. Two firms, one Austrian and one US, launched requests on Wednesday. They followed SIG Combibloc and Ineos Styrolution’s lead in exploiting ever friendlier conditions for issuers looking for cheaper debt, writes Max Bower.

Ineos-owned styrene manufacturer Styrolution tightened guidance on its €1.1bn refinancing on Thursday while altering the structure of the deal, in a market dominated by refinancings.

Postal Savings Bank of China and its potential HK$62.7bn ($8.1bn) IPO got off to a roaring start due to hedge fund demand. Oversubscribed on day one, it is on track to be the world’s largest IPO in two years. But an order book so far dominated by regional names is about to get a lot more global as management leaves Hong Kong for roadshows in the UK and US. Jonathan Breen reports.

State Bank of India (SBI) succeeded in pricing the first offshore Basel III additional tier one (AT1) offering from an Indian name this week, but a bullish pricing strategy meant orders were muted and it has struggled in secondary. Despite the glitches, many believe the deal has set an important benchmark, writes Addison Gong.

Winsconsin’s Spectrum Brands, the consumer products conglomerate ended a two day roadshow on Wednesday with the sale of euro notes that will repay dollar bonds, an uncommon transaction in the euro market.

Biffa, the UK waste management company, has announced its intention to float on the London Stock Exchange.

Lithuania was on track to print a tightly priced reopening of its 2035s on Thursday morning with bankers estimating a 4bp–13bp premium at initial price thoughts.

Poland’s mBank will hit the road next week for its first euro senior deal since November 2014. The bank did plan a roadshow for a euro bond in 2015 but decided not to go ahead with the meetings as the issuer did not like the levels available, according to an EM banker.

The African Development Bank has printed a $1bn no-grow to, it is thought, cap off the week's flurry SSA dollar bonds before primary markets dry up ahead of the US rates decision next week.