Mizuho

Rating: Aaa/AAA

Public sector issuers navigated a choppy start to the week to print strong dollar trades, but some SSA bankers worry that the problems that brought that early volatility are far from resolved.

Kommunalbanken made what bankers away from the trade described as an “excellent” choice of tenor with a dollar benchmark on Wednesday as it tightened pricing from guidance — something that not every issuer has been able to achieve in the currency over the last two weeks. Meanwhile, a Japanese issuer mandated for a trade that bankers expect to go well despite geopolitical tensions in Asia.

Kommunalbanken will bring a dollar benchmark in a defensive tenor on Wednesday, which a banker on the deal said is the perfect product for investors amid rising geopolitical tensions. The trade also offers an attractive spread over US Treasuries, the banker added, despite a tightening in swap spreads — although other bankers said that tightening meant larger issuers should consider longer dated deals.

Two Indonesian borrowers have managed to increase short-dated dollar loans after impressive demand in syndication.

The terms are out for Hong Kong-listed company Samson Paper’s HK$570m ($73m) refinancing. The deal has three arrangers, which circulated term sheets among existing lenders a couple of weeks ago. Invitations have now gone out to other banks.

Ford Automotive Finance (China) has pulled off an impressive return to China’s auto ABS market. The company raised an eye-catching Rmb3.46bn ($518.4m) from its latest deal — and brought in the first crop of foreign investors tapping Chinese ABS through Bond Connect.

Amazon dominated US corporate bond issuance this week, but aside from the online retailer’s $16bn jumbo deal, there was over $8bn of paper from five other issuers. However, bankers believe this will be the last week of material supply before the annual two week break in the US market.

John Wade resurfaces at Mizuho — MUFG names new co-head of Asia corporate banking — GS loses equities bankers — Credit Suisse Apac head of equity-linked retires

US plastics manufacturer Trinseo priced its new dollar refinancing bond deal with coupons more than 100bp tighter than the old notes. It is also marketing new term loans.

Trinseo, a US manufacturer of plastics, latex binders and synthetic rubber, opened investor calls on Monday for a new unsecured bond, as it plans to repay all of its bonds due in 2022.

John Wade has joined Mizuho Securities as head of debt capital markets for Asia Pacific, based in Hong Kong.