Nomura

A pair of European agencies landed in euros on Tuesday, attracting huge books and tightening their spreads, indicating a promising backdrop for NRW.Bank’s green bond scheduled for Wednesday.

Two levfin issuers, Sebia and Refresco, this week added €3bn to an already large pipeline of euro and dollar-denominated leveraged loans being touted around a bustling European market. But some bankers are fretting that underwriters face little room for mistakes if pricing widens.

The European leveraged finance market is set to contend with loan deals approaching €4bn for the start of September. Over half of that is for the German pharmaceutical firm Stada — a deal that could help make funding more expensive for everyone else, writes Victor Jimenez.

SSAs enjoyed soaring conditions in the sterling market this week after a summer lull, which bankers attributed to a big Gilt redemption and sterling’s weakening against other main currencies.

Public sector issuers navigated a choppy start to the week to print strong dollar trades, but some SSA bankers worry that the problems that brought that early volatility are far from resolved.

The revival of equity-linked bond issuance in Europe was crowned on Thursday by the launch of one of the biggest deals this year, for ANA Holdings, which owns All Nippon Airways. Nomura was the bookrunner.

Japan Finance Organization for Municipalities breezed through a short dated dollar trade on Thursday, picking up a more than doubly subscribed book at what bankers away from the trade put at a low single digits concession.

Kommunalbanken made what bankers away from the trade described as an “excellent” choice of tenor with a dollar benchmark on Wednesday as it tightened pricing from guidance — something that not every issuer has been able to achieve in the currency over the last two weeks. Meanwhile, a Japanese issuer mandated for a trade that bankers expect to go well despite geopolitical tensions in Asia.

KfW opened a new 10.5 year Australian dollar line on Wednesday, with the hope of drawing in the Kangaroo market's typical long end lender base.

Future Supply Chain Solutions, one of India’s largest third-party logistics firms, is preparing to go public in a deal that is expected to raise around $100m, according to a banker working on the transaction.

Rating: Aa1/AA+

HDFC Standard Life Insurance Co is planning an offer-for-sale of secondary shares. The deal could be worth Rp100bn ($1.56bn) and is likely to hit the market in 2017, according to a banker working on it.