Nomura
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Austria was richly rewarded for taking a leap into the unknown on Tuesday, as it took orders of over €7bn for the longest dated syndication ever from a core eurozone sovereign. KommuneKredit also broke its tenor record in euros, while the European Financial Stability Facility hired banks for a tap of a bond that looks short end by comparison. -
The UK Debt Management Office swatted away weeks of Gilt volatility to tighten pricing, hit the upper end of size expectations and attract overseas demand with a £4bn tap of its 2.5% 2065s on Tuesday.
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Austria is looking to stretch its curve to hitherto untapped lengths, as it mulls a 70 year euro benchmark. Also seeking duration, Rentenbank pushed out its curve, printing a bond at 20 years for the first time ever.
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Electronic trading firm Ion Trading has tapped its term loan signed in August by subsidiary Wall Street Systems for €130m, as the latter acquires fellow fintech firm Reval.
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Citic Group has become the first Chinese issuer to tap the Japanese yen market in 16 years, opening the door for borrowers from the mainland to access liquidity in the Samurai market.
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The Indian government is looking to add around Rp22bn ($329.6m) to its coffers with a sell down of a portion of its stake in construction company NBCC.
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World Bank has reopened the 10 year part of the dollar curve, with other public sector issuers keen to follow it into the tenor.
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UK government bonds this week joined the country’s currency in taking a hammering, but public sector bankers are confident that a scheduled Gilt syndication next week will go well — and there could also be arbitrage opportunities in sterling.
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The World Bank is set to price the largest 10 year dollar benchmark from an SSA since July, as another issuer considered following the supranational into that part of the curve.
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The World Bank will on Thursday attempt to resurrect the 10 year part of the dollar curve, a sector that has had next to no benchmark issuance from top tier issuers in the second half of the year.
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Investors are still hungry to put their money to work in short dated dollars after a bumper last week, with the European Investment Bank on Tuesday set to price a $4.5bn three year bond and the African Development Bank mandating for a two year benchmark.
