Bank of America

A strong start to public sector dollar issuance in 2016 fell away this week, as volatile swap spreads returned and worries over the health of the Chinese economy made printing further along the curve difficult.

Euro issuance had been subdued this week, with issuers reluctant to clash with AB InBev's $46bn deal, but it picked up hours before the brewer's launch on Wednesday.

Bank of America Merrill Lynch is moving back to a co-head structure for its Asia Pacific global corporate and investment banking unit, with Elif Bilgi Zapparoli promoted to the role, according to a memo seen by GlobalCapital Asia.

CYBG, the UK mid-sized bank owned by National Australia Bank, will start building the book for its initial public offering in London next week.

The Japan Bank for International Cooperation priced a 10 year benchmark while the Province of Ontario placed a three year bond on Wednesday. Both issuers impressed bankers away from the trades, coming as they did amid difficult conditions.

Anheuser-Busch InBev has brought its jumbo acquisition financing to the US corporate bond market on Wednesday, after days of speculation over when it would arrive. But that did not deter Telecom Italia and Mondelez from issuing in the European market.

Pohjola Bank and NordLB paid slim new issue concessions for five year senior debt on Wednesday, but market participants pointed to the dangers of pushing spreads in too tightly.

The drawing power of one of Asia’s top credits was on show this week with Ping An Life Insurance Co of China debuting in the dollar bond market with a $1.2bn deal that was multiple times covered across two tranches.

Hotel Lotte could raise as much as $5bn from its IPO, expected as early as March, and land the title of the largest ever listing in South Korea in the process, according to market sources.

A pair of SSAs are set to bring dollar deals on Wednesday, despite worries over the health of the Chinese economy making life difficult for other issuers in the currency on Tuesday.

Though financial institutions and public sector entities were busy issuing bonds on Tuesday, corporate issuance was quiet, despite the success of the only two trades so far this year and increased confidence that European markets can cope with Asia’s difficulties for the moment.

Intesa Sanpaolo opened the 2016 additional tier one (AT1) market on Tuesday with its euro debut, and is now over halfway to its 2017 issuance target.