MUFG

The first round of the French presidential election takes place this Sunday and, while the market is mostly quiet, Derek Halpenny, head of global markets research at MUFG, says that market participants have not priced in much risk of a shock anti-EU result.

Rural Electrification Corp chose not to exercise the greenshoe option on its $230m five year borrowing, resulting in a huge scaleback for many of its lenders.

Invitations are out for a $500m three year borrowing for State Bank of India, which has lined up 13 lenders to lead the deal with the money funded in March.

China’s auto ABS market is heating up after a third deal was announced within a week. Mercedes-Benz Auto Finance’s Silver Arrow China 2017-1 is the latest, featuring two hard credit enhancements and a liquidity support of a general reserve amount.

ONGC Videsh (OVL), the overseas investment arm of Indian state-owned ONGC, has selected three banks for a $500m term loan to replace a bridge from last year. The oil firm is also raising funds in yen, and has picked two Japanese lenders for the financing, said a source.

Indonesia Eximbank and State Bank of India launched new dollar deals on Thursday, in a busy Asian debt market ahead of a holiday-filled April.

Indonesia Eximbank is meeting investors for its second dollar bond, while Indika Energy is looking to refinance its 2018s with new notes.

Allocations have emerged for a $1.75bn multi-tranche borrowing by Indian conglomerate Reliance Industries, with retail liquidity ending up concentrated on a longer dated portion.

A $1.75bn borrowing for Indian conglomerate Reliance Industries, which entered general syndication at the beginning of February, has wrapped up, with allocations expected to be issued soon.

Raymond Li has joined Bank of Tokyo-Mitsubishi UFJ as its new head of financial institutions for east Asia, jumping ship from BNP Paribas.

Oil products storage and distribution firm Puma Energy is back in the loan market for a two-pronged $570m financing, to extend as well as replace some of its existing debt.

Qantas Airways is holding roadshows in Singapore, Hong Kong and Taipei for its latest fundraising, a two tranche revolver that refinances a A$1.13bn ($849m) loan raised a few years ago.