Natixis

Egypt garnered a mammoth $11bn book this week, letting it boost the size of its tap to $3bn as investors bet on a better future for the country under the stewardship of the International Monetary Fund.

A mammoth $11bn book helped Egypt take $3bn for the price of $2bn with its triple tranche tap, according to a banker on the deal, as demand for higher yielding EM credits continues.

Caisse des Dépôts et Consignations looks likely to be the latest public sector borrower to return to the sterling market after a long absence, after it hired banks to hold investor meetings next week.

Arab Republic of Egypt hit the screens on Wednesday morning with a much touted re-opening of its 2022, 2027 and 2047 bonds.

Vakifbank took advantage of seemingly insatiable demand for Turkish bank paper to raise $500m of five year senior funding on Tuesday.

Vakifbank has opened books on a drive-by five year senior trade as Turkish financial supply trickles into the primary market.

The Export-Import Bank of Korea (Kexim) priced a five year euro benchmark on Monday, nipping in with a one day execution ahead of a trio of deals scheduled for Tuesday.

Rating: Ba3/B+

Senegal was fully rewarded for embarking on an extensive roadshow with a blowout trade on May 16, which not only repriced its own curve, but helped to reduce the borrowing costs of its peers.

Books had reached $4bn on Tuesday before the US market opened for Senegal’s latest dollar outing, an amortising note maturing in 2033. Bankers and investors away from the mandate said they did not envy those dealing with the allocation process.

Senegal will meet investors next week ahead of a potential return to the dollar market for the first time in nearly three years.

Maroan Maizar, the former country head for Deutsche’s capital markets businesses in Switzerland, has joined Kepler Cheuvreux to work on Swiss corporate finance.