Nomura

Indian non-banking financial company (NBFC) Bandhan Bank has lined up five bookrunners for its IPO, expected to raise at least $1bn, according to a banker on the transaction.

Anglo-Dutch consumer goods company Unilever printed the fifth sterling corporate bond deal in three days on Monday. The £500m dual tranche deal offered investors seven and 12 year tenors.

A new name for the SSA market hit screens on Monday, picking three banks to run a dollar five year transaction. The borrower will share the market with dollar trades from Dexia Crédit Local and Finland.

On Monday, Japanese brewer Asahi Group brought the fourth European bond issue by a beer producer in Europe in 2017. The €1.2bn dual tranche offering was the largest of four new issues in the euro corporate bond market, all of which were rated triple-B and paid double digit new issue premiums.

A full €2.3bn of bond offerings from seven borrowers hit screens on Monday in the European high yield bond market, following last week's more than €3bn of new bonds despite fund inflows turning negative.

A lack of five year dollar supply and an acceptance that since the summer issuers need to offer a bit more juice helped a pair of supranationals launch strong trades this week. Other supras are rumoured to be considering follow-on deals next week, although some bankers warn that investor appetite may be sated for the moment, and everything could hinge on how a sharp US Treasury move late on Thursday plays out.

Rating: Aaa/AAA/AAA

Guarantor: Federal Republic of Germany

The sterling market is on fire for SSA borrowers. Attractive conditions and investors with cash to deploy have come together to produce some of the market’s most impressive deals of the year, with more in the pipeline.

Inter-American Development Bank won a big reception on Thursday as it completed its benchmark funding for the year with a five year dollar global that rode on the coattails of a similar trade by Asian Development Bank a day earlier. Agence Française de Développement also made a triumphant return to dollars after a pulled trade in February, as it matched its largest ever deal in the currency for size.

Inter-American Development Bank will on Thursday attempt a five year dollar benchmark, copying a Wednesday deal from Asian Development Bank that bankers on the trade said was the best dollar deal since the summer. Agence Française de Développement is also out with a dollar benchmark — its first since a pulled trade in February.

Public sector borrowers are finding healthy seams of sterling funding in various tenors, as Council of Europe Development Bank lined up to follow a Wednesday trade by KfW — and there are rumours that more supranationals could consider deals in the currency. Attractive arbitrage levels and large redemptions are helping drive supply and demand respectively, said bankers.