MUFG

The Export-Import Bank of China (Chexim) came to the bond market in two currencies on Tuesday to raise $1.068bn, pricing the euro tranche at an impressive zero coupon.

Philippine conglomerate San Miguel Corp is inviting banks to join a $1.75bn term loan that will be used to take out a bridge facility that supported its acquisition of Holcim Philippines.

Corporate, FIG and SSA issuers placed floating rate notes this week, pegged to Euribor, Sonia and Libor. With so many issuers coming to market, bankers are interested to see which other borrowers 'take advantage of the liquidity'.

MUFG has hired a new head of its derivatives solutions group in EMEA from HSBC.

Commodities company Mercuria has returned for its annual outing to the syndicated loan market, and is seeking $1bn from a four-tranche borrowing.

Abu Dhabi printed a huge $10bn bond on Monday with no roadshow and a 30 year tranche that was 20bp tighter in spread than its last bond of the same maturity printed in 2017. But though the deal seems to have been triumphant for Abu Dhabi, the notes were around 2bp wider on Wednesday and investors are fretting that large EM supply is causing some indigestion in the market.

Bankers brought a flood of Middle East bond supply to market on Tuesday, with four separate issuers — the Kingdom of Bahrain, DP World, National Bank of Fujairah and Islamic Development Bank — all announcing guidance for deals. The notes follow an already heavy week of supply from the Gulf, with Abu Dhabi having printed a $10bn triple trancher on the same day.

The Emirate of Abu Dhabi ended a two year absence from capital markets on Monday with a triple trancher, mirroring the tenors it used in its last trip to the market in 2017.

China National Chemical Corp (ChemChina) is seeking lenders’ consent to amend terms of a $5.5bn dual-tranche loan sealed last year, as it undergoes a debt restructuring, according to bankers.

African Export-Import Bank has mandated banks for a Reg S/144A dollar five to 10 year bond with a deal that could be twice as long as its last outing. It well test investor appetite for the deal next week.

Freeport Indonesia, a mining company that was acquired by Asahan Aluminium (Inalum) last year, is in talks with 10 banks for a $3bn term loan for its capital expenditure.

Korea Development Bank moved to place the largest Korean Kangaroo earlier this week, a note that was also priced more tightly than any other Korean-issued Aussie dollar deal.