Nomura

A range of Chinese issuers, including two property developers and a local government financing vehicle, have raised funds from the dollar bond market.

Rating: Aa1/AAA/AA+

Bajaj Finance’s share price surged on Wednesday after the Indian non-bank lender’s board of directors approved a potential billion-dollar fundraising.

A brace of dollar deals came to the market on Tuesday, with Rentenbank and Council of Europe squeezing into the market for $1bn apiece amid high expectations of an impending rate cut as the US Federal Reserve meets.

KfW and Bpifrance were the first public sector borrowers out of the blocks in euros following last Thursday’s European Central Bank meeting in which it unleashed its new comprehensive stimulus package.

Ireland has extended its curve out to 2119 by placing its second century bond, three years after it sold its first in the tenor. Century and ultra-long dated bonds have seen a resurgence of interest this year as issuers look to lock in low interest rates at long dated maturities.

Indonesian state-owned power company PLN has diversified its funding sources. It debuted in the Samurai market, raising ¥23.2bn ($215m) from three bonds while paying a small premium over its outstanding dollar curve.

State Bank of India is looking to raise at least Rp26.95bn ($378m) from a stake sale in SBI Life Insurance Co, receiving a flood of early demand.

KfW and the Asian Development Bank won huge praise from SSA bankers with rare 10 year dollar trades this week. The former issued the largest ever dollar green from a public sector borrower.

KfW won huge praise from on-looking bankers for a curve extending and rare 10 year dollar green bond on Tuesday. The Inter-American Development Bank (IADB) and Österreichische Kontrollbank (OeKB) also enjoyed success in the dollar primary market with three year trades, with the former selling its debut Sofr-linked floating rate note.

The Asian Development Bank (ADB) hit screens on Monday morning with initial price thoughts for a new 10 year green Kangaroo bond. The trade follows a busy week for SSA Kangaroo issuance at the long end of the curve, driven by Japanese demand according to one banker.

Six Greater China borrowers, including Industrial and Commercial Bank of China (Macau) and an unrated property developer, have wooed bond investors to their new dollar deals.