Bank of America

Volatility has pushed FIG senior supply to its lowest January total since 2008, but a resilient covered bond market profited from the gloom, with issuance at its strongest since 2012.

Clydesdale and Yorkshire Bank Group, the UK mid-sized bank being spun off by National Australia Bank, has tightened the price range of its London initial public offering to the low end.

It’s becoming increasingly difficult to find positives in equity capital markets this year so far. Not since 1995 have so few deals been issued in the first 27 days of January, and this week an IPO collapsed. Hope for the few deals left in the market lies in deep discounting, writes Olivier Holmey.

Ascential, the information and events business formerly known as Top Right Group and Emap, on Thursday started building the book for a London IPO that could give it a market capitalisation of up to £880m.

China Railway Rolling Stock Corp hit the equity-linked market this week for $600m, becoming only the second firm to print an H-share CB in Asia since 2007. The deal, which follows a similar issue from a Chinese peer earlier this month, has set in motion the transition from a rare deal type into a regular funding option.

Postal Savings Bank of China has selected five banks to lead its jumbo $15bn IPO, which is set to become the largest listing in Hong Kong in five years.

South Korea’s stock market regulator has approved Hotel Lotte’s plans for an IPO, which could raise as much as $5bn and take the title of the largest listing in the country.

Shareholders of National Australia Bank, the owner of Clydesdale and Yorkshire Bank Group, have voted to separate NAB and CYBG as a final nudge for the UK institution before it is due to float early next week.

Public sector borrowers are hitting several parts of the euro curve, with dollar issuance all but dried up before the US Federal Reserve announces later on Wednesday the outcome of its Federal Open Markets Committee meeting.

Postal Savings Bank of China has picked five banks to lead its listing, which could raise as much as $15bn to become the largest IPO in Hong Kong in five years.

A $975m refinancing for India’s Reliance Industries has opened for general syndication via 13 mandated lead arrangers and bookrunners.

Honeywell International has hired four banks to arrange its return to the European bond markets after a 15 year absence.