Morgan Stanley

Two SSA borrowers tapped the seven year part of the euro curve this week, but came away with different results. Luxembourg received an oversubscribed book for its deal on Wednesday, while Nederlandse Waterschapsbank (NWB Bank) had to price without fully placing its €1bn trade.

A move in the Bund curve left the market too volatile for Nederlandse Waterschapsbank (NWB) to fully place its seven year euro benchmark on Thursday.

The State Export-Import Bank of Ukraine is on screens for its first ever tier two bond, angling for a steep price.

Chinese hotel company Huazhu Group has launched a roughly $1bn loan into general syndication, raising the money in part to help fund an acquisition of a German rival. But bankers are debating whether the borrower should be treated as a real estate company. Pan Yue reports.

The first tier two from Spain’s Unicaja Banco was more than three times subscribed this week after it entered a strong new issue market. It appeared alongside ING, which paid a slim 5bp premium to print a deal in the same asset class.

Bajaj Finance, an Indian non-bank financial company, raised Rp84.6bn ($1.2bn) this week, closing a qualified institutional placement that defied the challenges facing the sector.

SAIC-GMAC and Beijing Hyundai Auto Finance are both planning their returns to the auto loan ABS market next week.

Oil major Royal Dutch Shell hit the euro bond market on Tuesday with a three-tranche trade that had an eight year tranche as its shortest maturity, Syndicate bankers say European Central Bank bond buying is creating more demand further out along the maturity curve.

Six Chinese real estate issuers — mostly high yield — flooded the dollar bond market on Monday with one to four year tenor deals. Investment grade rated China Vanke Co, on the other hand, tapped the longer end of the curve with a dual-tranche issuance.

The US’s Colgate Palmolive brought a €1bn dual tranche bond on Monday, in a deal that bankers reckon is the 'tip of the iceberg' of euro issuance this week.

Three Ukrainian borrowers are set to come to market for hard currency paper, perhaps as early as this week. The deals are expected to go well, as investors generally believe there is good value in Ukrainian assets.

BMW Auto Finance (China) is planning a return to the auto loan ABS market next week with a Rmb8bn ($1.1bn) deal.