Mizuho

PetroVietnam Gas Joint Stock Corp has picked Mizuho as sole mandated lead arranger and bookrunner for a $200m borrowing. It is the latest sign of a boom in southeast Asia’s offshore loan market that is leaving bankers divided on pricing, tenors and covenant packages.

Korea Development Bank has raised $1bn from a dual-tranche bond that came inside its secondary curve, as investors flocked to high quality, investment grade rated credits.

Gazprom, the Russian state oil and gas company, has released price guidance for its seven year dollar benchmark bond, offering a 15bp new issue concession, according to investors. Credit Bank of Moscow is also queued for a return to the international bond markets next week in euros. Russian issuers are re-emerging after some of the US sanctions were lifted last month, improving sentiment.

Russian state-owned oil and gas giant Gazprom announced the mandate for a new dollar benchmark bond on Thursday, just days after a well-flagged move by the US Treasury to lift sanctions on Rusal and EN+. Market participants hailed the move as providing a more “constructive” and “encouraging” environment for Russian bonds.

State-owned Russian oil and gas giant Gazprom is embarking on a US roadshow with investors keen to take a look, ignoring any threat of possible further sanctions from the country.

NWS Holdings and Sino-Ocean Group Holding received more than $4bn in orders for their respective bond outings, with their deals in hot demand both in primary and secondary markets.

Hong Kong-listed Wharf Holdings, whose operations span property development and investment, is seeking a HK$8bn ($1bn) borrowing at tight levels.

Rating: Aaa/AAA/AAA

It was another sparkling week in dollars for public sector borrowers, with Asian Development Bank the pick of the bunch as it brought the tightest deal of the year so far versus Libor and US Treasuries. More supply is expected for next week, although some SSA bankers feel the market could do with a “breather”.

Japanese banks are unlikely to enjoy any let-up from razor-thin net interest margins in 2019. This is worrying for their long-term sustainability, but it’s potentially a bonanza for DCM specialists in Europe and the US.

The public sector dollar market on Wednesday showed that it had more than enough depth to cope with a pair of issuers bringing deals in the same maturity with just a basis point of difference in initial price thoughts, as both trades came in size and at tightened pricing. Another agency is set to dip into the demand on Thursday.

Two SSA borrowers will go head to head in the dollar market on Wednesday, bringing five year benchmarks with only 1bp difference in initial price thoughts.