Nomura

A pair of three year prints in dollars provoked very different reactions from GC BondMarker voters in the second quarter. Read on to find out more in this week’s BondMarker round-up, which looks at the most notable dollar deals of the last quarter.

The Province of Alberta on Wednesday passed its first bond market test since suffering a double downgrade from S&P in May. Bankers away from the trade said it was a “good outcome”, despite having to pay a bit of concession — unlike most other dollar deals over the last few weeks.

Sumitomo Mitsui Trust Bank exited its stake in India’s Reliance Capital on Tuesday through a Rp4.6bn ($71m) overnight share sale, more than two years after the pair inked a strategic partnership.

The European Financial Stability Facility (EFSF) sold its fifth dual tranche of the year on Tuesday, gaining plaudits as it added €1.5bn to a line that bankers said came under secondary market pressure when launched in February.

Chong Hing Bank raised $360m on Monday from Asia’s first Basel III compliant tier two dollar bond of the year, benefiting from the rarity of the structure in the region’s dollar market.

Investors gave Kyobo Life Insurance Co a warm welcome as it debuted in the market on Monday with the first dollar bond from a South Korean life insurance company.

China’s ENN Energy Holdings grabbed a $600m bond on Monday, as investors ate up the credit given its three year hiatus from the international debt market.

The European Financial Stability Facility will on Tuesday fill a gap in the 10 year area of its curve and pour some liquidity into the ultra-long end, after hiring banks on Monday for a dual tranche deal. The supranational will also likely be hoping for a repeat of its last dual tranche trade, which took a hefty €6bn chunk out its €14.5bn funding target for the third quarter.

South Korea’s Kyobo Life Insurance Co opened books on its debut dollar bond on Monday — a subordinated 30 year rolling-in perpetuity non call five note.

Nan Hai Corp is selling a bond backed by a standby letter of credit (SBLC) while ENN Energy is returning to the market after a three year hiatus. Meanwhile, waste-to-energy firm China Jinjiang Environment Holding Company (CJE) has mandated a lead for its deal.

Chong Hing Bank is selling Asia's first Basel-III compliant tier two dollar bond of the year, part of an exchange plus new money offering.

Nomura has appointed a new head of CEEMEA DCM, a newly created role, as it looks to expand its offering in emerging markets.