Nomura

Emmanuel Macron’s election as French president last weekend was the catalyst for a flood of revved up euro deals this week, with issuers and investors aiming at the long end of the curve as the biggest known political risk in Europe this year passed with a market-friendly outcome. Craig McGlashan reports.

Volatility late in the week failed to dampen a scorching few days of public sector dollar issuance, auguring well for more expected supply in the currency next week. Four issuers — some of which came this week to avoid other trades pencilled in for next week — were able to price deals at tight levels, with some coming through their curves.

South Korea’s Woori Bank sealed its third Basel III additional tier one deal on Monday, raising $500m just before the country held its long-awaited presidential election.

National Highways Authority of India served up its debut Masala deal on Thursday morning, offering investors a second offshore rupee option in under a month.

Public sector issuers “can do whatever they want” in a rampant dollar market, with investors ploughing into books despite deals pricing close to or flat to their curves.

India’s most popular matchmaking website Matrimony.com has refiled for an IPO with a new syndicate team and a smaller fundraising target.

Nomura has hired a veteran of Latin American bond markets as a managing director as it looks to build its business in the region.

Public sector borrowers are rushing back into dollars after a quiet few weeks for the currency, with a trio of issuers taking indications of interest for Wednesday business.

Bpifrance Financement broke its size record on Tuesday, nipping back into capital markets ahead of several of its compatriots, according to a funding official at the issuer. The European Investment Bank (EIB) and NRW.Bank also made the most of the stable conditions, printing their own benchmarks.

South Korea’s Woori Bank sneaked into the debt market on Monday with a $500m Basel III additional tier one, timing its deal for the day before the country held its presidential election.

Three public sector borrowers hit screens on Monday, mandating in a euro market buoyed by the defeat of National Front candidate Marine Le Pen in the final round of the French presidential election on Sunday.

The Asian G3 debt market opened on Monday with two deals from financial names and a mandate, in addition to two launches from corporates, following the positive sentiment overnight from the French presidential election.