Nomura

The MTN market is picking up as issuers (particularly corporates and SSAs) and investors find opportunities for attractive deals.

Indian debt issuers are starting to feel the impact of the Covid-19 pandemic, which has forced a country-wide lockdown for three weeks. With dollar bonds slumping in the secondary market and downgrades coming fast, the outlook for borrowers is bleak.

Rating: Aa1/AA+/AA+

The Republic of Austria and the African Development Bank announced new bond transactions on Wednesday which will be used to provide emergency financing in response to the coronavirus outbreak.

SBI Cards and Payments Services has priced its Rp103.4bn ($1.4bn) IPO at the top of the range and was allocating the stock to investors on Wednesday.

Banks have started splitting up trading teams across locations, while many of those working in the capital markets have been stuck at home. This has caused a couple of hiccups and worries but some wonder if it will lead to a shift in attitudes about meetings and work flexibility once coronavirus passes.

Rating: Aaa/AAA

It was a mixed picture in the dollar public sector bond market on Thursday. A Norwegian agency was able to tighten the spread of its five year fixed rate trade on the back of a well subscribed order book. But a supranational was not able to achieve the same momentum for an intraday three year Sofr-linked floating rate note.

SBI Cards and Payment Services was riding high on Thursday after a rush of institutional investor demand pushed its billion-dollar IPO through a coronavirus-driven slump in local and global markets this week. Jonathan Breen reports.

The World Bank has surprised onlookers with a five year benchmark bond, printed into the teeth of the volatility caused by Covid-19 and an emergency rate cut from the Federal Reserve. The successful deal from the supranational has emboldened an agency to follow suit, with others expected to follow.

LVGEM (China) Real Estate Investment Co raised $450m as part of a new money and exchange offer on Tuesday. The borrower opted for an exchange offer on its old 2020 bond as a way of reducing the impact of recent volatility.

World Bank surprised some market participants by announcing a five year dollar benchmark shortly after the Federal Reserve slashed rates in response to the Covid-19 coronavirus outbreak, but before the details of the Fed's plans were unveiled at a press conference.