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◆ Norwegian issuer returns to hybrid market after 2023 debut ◆ Issuer slashes spread by 62.5bp ◆ €5bn peak book drives pricing through fair value

High-yield Japanese corporate bond issuers are set to step up their offshore bond issuance plans in 2026 amid a push to diversify their funding sources. They are likely to see success in dollars and euros provided market conditions hold up, writes Rashmi Kumar

In 2022, the Kazakh railway company aborted plans to issue in dollars

◆ Rarity helped the 10 year deal ◆ Spread over KfW estimated ◆ Upside demand as order book grows

◆ Peak demand tops 10.6 times the deal size ◆ Orders stay glued in after sharp tightening ◆ Issuer tenders outstanding hybrids alongside new bond

◆ Largest coverage ratio for almost three months ◆ Priced flat to fair value ◆ Slow pipeline predicted for rest of week

Funding director Jason Lewis and portfolio manager Greg Horan reflect on biggest ever Canadian provincial bond

Bankers eye fuller re-opening from Turkey

The bank is offering over 100bp of premium to the Kazakh sovereign

The bank is the largest in the country and a close proxy for investors to the government

Public sector issuance is expected to resume at pace this week

◆ German grid funds capex drive with dual tranche hybrid ◆ Demand holds firm despite aggressive tightening ◆ Deals land close to fair value