Nomura
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The European Bank for Reconstruction and Development returned to the sterling market on Tuesday to sell the first benchmark of its 2019 funding programme. -
Investors were in defensive mode in the dollar market this week as they snapped up short dated trades and floating rate notes, with demand particularly heavy from central banks and official institutions. Bankers are hopeful that benchmark supply will return next week.
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Public sector borrowers could bring dollar benchmarks next week ahead of the limited funding windows of November. Floating rate issuance was the main play in the sector this week, with Municipality Finance falling just short of full subscription as it brought the latest in the format on Thursday.
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The European Stability Mechanism priced its second ever dollar benchmark at a “fair” level of around 5bp over European Investment Bank’s September 2020, according to onlooking SSA bankers. Elsewhere in the dollar SSA market, Inter-American Development and NRW.Bank mandated banks for floating rate notes.
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India’s Emami Cement is planning an IPO that could raise up to Rp10bn ($135.3m), having filed a draft prospectus with the country’s securities regulator.
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A global equity sell-off mid-week caused some jitters among bankers covering a live Kommunalbanken dollar deal on Wednesday, but the nervousness proved unfounded as the trade came through to acclaim. The deal was typical in a week where SSAs priced tight and with big books despite choppy wider markets.
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CPI Property Group, which owns real estate in Berlin and Central and Eastern Europe, printed a €600m 3.5 year senior bond on Wednesday, riding high on the back of a recent ratings upgrade to consolidate and refinance its debt. After a successful trade, CPI’s chief financial officer, ex-Deutsche Bank CEEMEA banker David Greenbaum, is setting his sights on Swiss francs and Pro-Bonds.
