Standard Chartered

Emirates Airlines has set the yield for its benchmark sukuk at a level representing a negative new issue premium, according to a banker on the deal.

Tullow Oil, the group based in London that has most of its operations in Africa, was on course to print its new high yield bond in the 7% area this week. It was attracting interest from pension funds in need of assets with high returns, according to sources.

Saudi property developer Dar Al Arkan has tightened price guidance for its sukuk, with books for the deal hitting $1.1bn.

Dubai-based developer Majid Al Futtaim printed its third hybrid bond on Tuesday, a $400m perpetual non-call eight year. In the absence of a strong Asian bid, real money European investors anchored the book.

Weak sentiment among investors for duration risk meant Chinese local government financing vehicle Qingdao China Prosperity State-owned Capital Operation (Group) Co sold a larger three year bond than a five year, finding support due to the buy-side’s familiarity with its city.

China’s Tianjin Rail Transit Group Co (TRT) and Chengdu Xingcheng Investment Group Co both dipped into the euro market on Tuesday, with the former printing a green bond.

After a reasonable wait, investors are starting to see the more frequent investment grade corporate bond issuers return to the market. On Tuesday, French materials company Saint-Gobain and French telecoms operator Orange sold benchmark deals and UK media company WPP sold a dual-tranche issue.

Seplat Petroleum sold a $350m five year non-call two bond on Monday, turning down a larger trade that was available, according to a lead manager. The final print was being smaller than originally indicated.

Dar Al Arkan has released initial price guidance for its dollar benchmark sukuk.

Solusi Tunas Pratama is set to begin marketing a new $590m-equivalent financing in dollars and rupiah to retail lenders, said bankers close to the trade.

India’s NTPC sold its first dollar bond in two years on Monday, but the market backdrop forced the usually popular issuer to pay up.

South Korea’s Kookmin Bank returned to the Formosa bond market on Monday, raising $300m from a floating rate note (FRN). Taiwanese investors’ eagerness to buy Korean financial credits helped the issuer price a relatively cheap deal versus an international transaction.