Nomura

The Republic of Austria received huge investor demand for its five year euro benchmark on Wednesday, despite the bond being priced with a yield below the European Central Bank’s deposit rate. The sovereign also took advantage of the rally in eurozone government bond yields to tap its outstanding century bond for a further €1bn.

The Republic of Austria hired banks on Tuesday for a five year syndicated bond while seeking investor feedback for a 100 year issue as it looks to lock-in super cheap funding following the recent rally in eurozone government bond yields.

Barclays returned to the Australian dollar market this week for its second Kangaroo, placing a triple tranche trade that was four times covered. The demand for Kangaroo paper could see more issuers follow Barclays, according to one DCM banker.

Ex-Standard Chartered and JP Morgan banker Matthew Dunker is moving to Nomura.

China’s Ascentage Pharma Group International and CIMC Vehicles kicked off pre-marketing for their respective Hong Kong IPOs on Monday. Both are expected to launch bookbuilding by the end of June.

Iceland returned to the euro market on Thursday, bringing a €500m five year issue in its first outing since December 2017.

Rating: BBB/Baa3

Chinese real estate developers Sunac China Holdings and Yango Group returned to the offshore market on Tuesday, with the former raising a larger-than-expected $600m. Property and construction firm Jiangsu Zhongnan Construction Group Co also priced its maiden dollar bond.

Marc Soubières has joined Mediobanca’s capital markets solutions team to focus on coverage of clients in France and French speaking countries.

Iceland plans to defrost its euro curve with a new syndicated issue, its first since December 2017.

Industrial and Commercial Bank of China (ICBC) hit two parts of the dollar curve on June 3, selling two tranches of floating rate notes worth $750m each.

A quartet of public sector borrowers placed paper in the Australian dollar market this week. Two European SSAs priced sustainable and climate awareness bonds: the European Investment Bank priced its third climate awareness Kangaroo on Tuesday, while Bank Nederlandse Gemeenten brought its sustainability bond programme back to the Aussie market on Wednesday. Meanwhile, a pair of agencies raised funding in Australian dollars on Thursday: Export Development Canada and Eurofima both tapped Kangaroos.