Nomura

After being sidelined by volatility in the equity market this week, Greece made it to market on Thursday with a €3bn seven year.

Protecting retail investors is a laudable goal. But what they are protected from often seems arbitrary.

Greece, which on Monday announced its intention to sell a seven year, kept away from markets because of wide swings in European govvie spreads — a decision lauded by bankers away from the transaction. Dimitris Tsakonas, head of funding at the Greece's Public Debt Management Agency, spoke to GlobalCapital.

Public sector borrowers are reaping the benefits of investors looking to “weather the storm” of wider market volatility, said bankers, as investors poured cash into short dated dollar issues this week. Bank Nederlandse Gemeenten and Sweden are set to be the next issuers to benefit, after mandating for three year trades on Tuesday.

Rates in Australian dollars are compelling compared to most currencies, which has aided long-end interest and allowed for a bumper outing by a supranational.

Three dollar borrowers have hit screens in a market buoyed by a pronounced Treasury sell-off.

Export Development Canada tapped its 2.7% October 2022 Kangaroo line for A$125m ($100.1m) on Thursday. This is the first intermediate tenor trade in three weeks, with most of the Kangaroo action being in the long end. Elsewhere, Bank Nederlandse Gemeenten tapped into some non-Japanese demand for Aussie dollars.

Credit Suisse’s Naqvi to step down – Nomura creates China IB role

Italian toll road operator Società Iniziative Autostradali e Servizi (SIAS) followed a four day investor roadshow with its third 10 year bond this week. A €1.9bn order book allowed the company to print its largest ever deal at a much tighter spread than its previous two offerings.

India’s Yes Bank raised $600m in its first offshore bond sale on Monday, as it makes international strides through its new banking unit.

Nomura has hired Charles Wang as chairman of China investment banking to strengthen its client coverage there, according to a memo seen by GlobalCapital Asia.

Trans Maldivian Airways has landed back in the Asian loan market for a $305m senior secured deal, following its acquisition by a consortium led by Bain Capital Private Equity at the end of last year.