Nomura

Embassy Office Parks Real Estate Investment Trust (Reit) has global long-only investors on tenterhooks as it prepares to launch its smaller-than-expected Rp47.5bn ($683m) IPO, having filed the final terms for India’s first Reit listing.

Société du Grand Paris (SGP) mandated banks on Monday for its second benchmark green bond, following its debut last October. Meanwhile, KfW hit screens for a long three year benchmark, the agency’s third benchmark in euros this year.

Kommunekredit, Kommunalbanken (KBN) and World Bank hit screens for dollar deals on Monday, as bankers said that this week offers a decent window for issuance in the US currency.

SNCF Réseau took advantage of a move in swap spreads and a favourable euro/dollar basis swap to sell its third dollar benchmark on Friday, ahead of what SSA bankers say will be a busy week of supply in the currency. Nordic agencies are among the issuers expected to be come to the dollar market next week.

Public sector borrowers are set to enjoy yet more enviable funding conditions in euros, with central banks on an even more dovish path than before. At least one benchmark is in the pipeline for next week, while this week a core eurozone issuer sold its largest ever deal.

Ceva Santé Animale, a French company which develops vaccines and pharmaceuticals for animals, is preparing to raise a €2.15bn loan package to refinance and to pay a dividend.

Dollar SSA issuance is expected to pick up next week, thanks to a change in the euro/dollar basis swap that is making issuance in the currency more attractive for euro funders. There was still a smattering of dollar trades this week, including a Sofr-linked floater that broke new ground for the format.

Rating: Aa1/AA-/AAA

The European Central Bank struck a decidedly dovish tone at its meeting on Thursday, meaning there were no nasty surprises for SSAs planning bond issues in the coming days. A French agency is on screens for a deal in dollars this Friday, while euro and dollar benchmarks are slated for next week.

Emirates NBD has picked banks for a bond in the additional tier one format, aiming to be the second such deal from a Middle East bank this year.

The State of North Rhine Westphalia sold an unusually large amount of debt in the SSA market on Wednesday through a dual tranche offering, with one of the bonds coming with a sustainable label.

Charles Pitts-Tucker has been promoted to international head of investment banking at Nomura, alongside a string of other moves at the Japanese bank.