Nomura

Two months after Chinese hotel chain 7 Days Group Holdings made headlines with its return to the market for a $300m recapitalisation loan, the deal is finally taking shape with a soft launch into general syndication this week.

Nomura has globally made available its electronic futures trading platform via Instinet’s Newport Execution Management System.

Commonwealth Bank of Australia and Royal Bank of Canada were both looking to sell sterling debt in the belly of the curve on Wednesday, the Australian issuer looking for fixed rate notes and the Canadian bank for floating rate paper. RBC is targeting an aggressive level compared to CBA, according to FIG syndicate managers.

Two months after Chinese hotel chain 7 Days Group Holdings made headlines for its return to the market for a $300m recapitalisation loan, the deal is finally taking shape with a soft launch into general syndication this week.

Carlsberg Breweries returned to the euro bond market after an 18 month gap on Tuesday with a successful €1bn 10 year bond, though it had to contend with a market that has lost a little of its rude bullishness in the past week.

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European Investment Bank and Export Development Canada showed their Australian dollar appeal this week, selling hefty deals in the belly of the curve. Japanese demand propelled the EIB to success, allowing the issuer to sell its largest Kangaroo deal in three years.

Storming conditions in dollars this week led to a series of blow-out deals — but a large amount of supply in the last two weeks, plus uncertainty over the outcome of upcoming European elections and what the European Central Bank will do at its next meeting could mean that issuance conditions won’t be red hot for much longer. Those problems could also affect euros — where issuers considering deals at the 10 year part of the curve have the added difficulty of offering a sufficiently enticing yield.

Eurozone periphery issuers showed themselves to be resilient when tackling choppy markets, as borrowers printed a series of strong deals despite yields pogoing over the course of the week.

Kutxabank opened books for a €1bn seven year Cédulas Hipotecarias on Monday, Spain’s fourth covered bond of this year. The issuer priced the deal through its curve even as Spanish government bonds underperformed.

Carlsberg Breweries returned to the euro bond market after an 18 month gap today with a successful €1bn 10 year bond, though it had to contend with a market that has lost a little of its rude bullishness in the past week.

Nordea will return to the Samurai market after an absence of a year this week, selling three and five year fixed rate notes. The lender may also add floating rate tranches, given enough investor demand.