Nomura

India’s Larsen & Toubro kick started the pre-marketing process for an $800m business trust Singapore IPO of its toll-road assets on Monday as it seeks to gauge investor appetite for out-of-favour yield stocks.

GMR Energy has hired seven banks to manage an IPO which could be worth up to $300m and is due later this year, according to people familiar with the matter.

Investors sank their teeth into tier two FIG debt this week, with insurance company NN Group, BBVA and NordLB each hitting the market in an otherwise quiet few days for the market, compared to recent weeks.

Rating: Aaa/AAA/AAA

A trio of SSA issuers took to the dollar market this week to sell aggressively priced deals, filling gaps in supply at the front end and belly of the curve. However, while deals this week may have thrived at very tight levels, syndicate officials have warned that issuers may need to be more reasonable in the levels they demand in the near future.

NordLB launched a dollar denominated 10 year tier two bullet, capping off a week of mostly subordinated FIG issuance, after two senior-heavy weeks.

NordLB is out with a dollar-denominated 10 year Tier Two bullet, capping off a week of mostly subordinated FIG issuance, after two senior-heavy weeks.

Chinese hotel chain 7 Days Group Holdings, which went private in the middle of last year, is back in the market with a $300m five year facility, just months after signing a $120m loan to fund the buyout.

The world’s largest pork processing company has launched its jumbo IPO with a 28-strong syndicate, which could results in some disagreements, particularly as the valuations of comparable companies are so diverse, said bankers on the trade.

Sweden’s Stadshypotek returned to the covered bond market on Monday, pricing a five year deal with the tightest spread in at least three years for any covered bond issuer outside of Germany.

The European Investment Bank sold the first sterling green bond from a public sector issuer on Wednesday. The deal's strong reception should encourage other issuers to look to print green bonds in the currency, said SSA bankers.

First Gulf Bank on Tuesday sold its inaugural Kangaroo bond, a five year deal. Despite securing an oversubscribed order book, the issuer chose to keep the size of the trade modest in order to maximise the Australian distribution of the bonds.