NatWest Markets
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Aviva is considering an extra tranche of subordinated debt even longer than the 30.5 year non-call 10.5 it has already hired banks to sell, while a Norwegian insurer has also mandated in euros.
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Public sector issuers underlined the strength of demand in the dollar market this week as issuers were able to get benchmarks away despite volatility in US Treasuries.
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The public sector dollar bond pipeline for Wednesday is filling up, with a series of issuers set to follow a three year dollar benchmark from the European Investment Bank on Tuesday. -
Aluminium company China Hongqiao has wound up its latest borrowing at $597m, lower than the launch size of $600m.
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The dollar market will still be the place to go for SSAs next week as the euro market comes to terms with a rampant repricing, but not every deal in the market this week fared spectacularly well.
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Despite choppy markets leading to a quiet week for corporate issuance, the pipeline remains strong with several new issuers announcing roadshows for deals set to be launched this month.
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Tennet, the Dutch government-owned electricity transmission system operator, has mandated banks for its first green bond and will travel to meet investors next week.
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India’s Reliance Utilities and Power has upped the size of its borrowing to $300m from $225m for the final allocations. The facility saw Middle Eastern, European and Indian lenders come in for the big tickets.
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Weak German GDP figures helped drive a bid for Bunds on Wednesday morning, bringing a degree of stability after two weeks of volatility in eurozone government bonds.
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A pair of highly rated SSAs are set to dip into dollars on Wednesday, after two issuers had contrasting fortunes in the market on Tuesday.
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Tennet, the Dutch government-owned electricity transmission system operator, has mandated banks for its first green bond and will travel to meet investors next week.
