Nomura
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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.
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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.
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Credit Suisse’s Naqvi to step down – Nomura creates China IB role
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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.
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India’s Yes Bank raised $600m in its first offshore bond sale on Monday, as it makes international strides through its new banking unit.
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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.
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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.
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Public sector borrowers this week set new landmarks in what has already been an exemplary year in dollars, as KfW sold the largest 10 year dollar benchmark in 2.5 years and the Nordic Investment Bank priced the tightest deal versus swaps of 2018 so far. SSA bankers are confident that conditions will hold at both ends of the curve — allowing the possibility of further long end supply and even lower short end spreads.
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Sterling issuance was thin this week relative to its scorching start to the year although there was still room for Kommunalbanken to print its largest ever deal in the currency. Strong supply is on the way from the UK Debt Management Office but while demand is as good as some bankers have ever seen, other deals may be limited by technical factors.
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Japanese banks have a spring in their step in the Middle East as they roll out expansion plans, but, asks David Rothnie, can they take on more established Western rivals?
