Nomura

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.

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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.

Microfinance institution Bandhan Bank has begun preparations for its IPO, according to a source familiar with matter.

Public sector borrowers are mainly keeping to the short end of the dollar curve this week, but at least one top tier issuer is understood to be considering a 10 year dollar benchmark in the next few weeks.

World Bank will find out whether what has been a resilient market for public sector dollar issuance over the summer can support a jumbo trade, after mandating for what will be the first such deal in dollars from an SSA since the spring. Swedish Export Credit Corporation is also out in the currency, going ahead despite some geopolitical and US governmental turmoil over the last few days — and more issuers are lining up to follow.

Nomura has added a new head of global markets sales for Russia and CIS as it continues to expand its emerging markets business following the appointment of David Ishoo-Mirzayoo as head of CEEMEA sales in March.