JP Morgan

A pair of supranationals have unveiled plans to bring bonds with an environmental flavour. One issuer may delight European Central Bank officials with a super rare appearance in euros.

A pair of Asian agencies have tackled the long end in dollars, but despite attracting big order books and setting spreads at the tight end of guidance, bankers stressed the deals should not be taken as a sign that the dollar market is back to full strength.

Belgium is out with the longest dated deal from a sovereign, supranational or agency — outside the emerging markets — since February. And it is drawing a rip-roaring response which could encourage other issuers to look at the long end.

Asian bond issuers have finally decided to venture back into the market with a trio of investment grade names opening books to dollar deals. Export-Import Bank of China (Chexim), Shanghai Pudong Development Bank and Korea Development Bank are vying for attention in the first test of investor demand in three weeks.

Belgium has mandated for the first fixed rate benchmark longer than 20 years in the sovereign, supranational and agency sector in euros since February, while an Austrian agency also found demand at the long end of the euro curve.

The European Stability Mechanism has added another chapter to the euro market’s autumn renaissance with the largest benchmark from a supranational or agency in 18 months.

The Export-Import Bank of China (Chexim) has mandated banks for a US dollar bond, which will be issued under an MTN programme that comes backed by loans.

Iberdrola sold its second benchmark deal of the year on Monday, gathering together a heavily oversubscribed order book despite coming head to head with fellow Spanish issuer Telefonica.

A pair of SSAs hit screens with euro benchmark mandates on Monday — and bankers are confident that market conditions will stay bright to support even more expected supply.

Supranational and agencies could add to a small flurry of medium term notes in Colombian pesos in the coming weeks, said bankers, as a sell-off in the currency fuels demand from investors.

Barclays began marketing a multi-tranche Samurai trade on Monday, as some FIG bankers claimed European banks were still baulking at the new issue premiums being offered by US visitors to the euro market.

Prabhat Dairy limped over the finish line with its IPO, with the Indian producer of milk and dairy products pricing the deal at the bottom of the range after being forced to extend bookbuilding and drastically slashing price guidance.