Nomura
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There was just a smattering of public sector dollar deals this week — but a wide difference in how they fared. -
KommuneKredit fell short of full subscription with a three year dollar benchmark on Thursday, with few updates provided through the book building process.
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The Republic of Indonesia priced a ¥100bn ($900m) bond on Wednesday, its first public Samurai deal in decades and its maiden fundraise following an upgrade to its credit rating. Although the issuer was forced to drop a 10 year tranche, its transaction was a blow-out, reflecting Japanese investors’ strong interest in foreign paper. Addison Gong reports.
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The Japanese bank’s tough decisions in EMEA have paid off with a return to profitability as its global finance business begins to shine, writes David Rothnie.
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Public sector borrowers are aiming for the short end of the dollar curve, as swap spreads in the area hover around the spot in which they started 2017, having dropped sharply from the year’s highs hit in March.
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Asian Development Bank will visit the rare four year part of the dollar curve on Wednesday, after picking banks for a minimum $1bn June 2021 global.
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Singapore’s HRnetGroup has thrown open books for its up to S$174m ($125.7m) IPO and is preparing for a week-long roadshow, according to a termsheet seen by GlobalCapital Asia.
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A strong public sector dollar market welcomed one issuer's first $5bn sized deal this week. It was not even the only borrower to sell in size but with SSAs well-funded, there are few expectations of more large trades.
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HSBC’s former Asia Pacific leveraged and acquisition finance head Lyndon Hsu is understood to be heading to Standard Chartered to lead its levfin business.
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Korea East West Power Co (EWP) is pursuing a new dollar deal, marking its return to the debt market after nearly three years.
