Bank of America

A trio of SSA issuers made moves to mop up short end dollar demand on Tuesday. NRW Bank printed a $1bn bond and two others mandated for deals.

Snam, the Italian natural gas transmission company, priced a €750m eight year bond on Tuesday, its first issue since it was added to the list of bonds that the European Central Bank will buy as part of its public sector bond purchase programme, or quantitative easing.

Istituto Centrale delle Banche Popolari Italiane (ICBPI) began offering its €1.1bn PIK bond with fixed and floating rate tranches on Tuesday, the first time such a structure has been used in the European high yield market, according to bankers.

The Export-Import Bank of Korea (Kexim) timed its first outing to the offshore bond market after a sovereign rating upgrade perfectly. This time around, the Korean policy bank kept money on the table to woo US investors rather than relying on strong onshore demand to be aggressive with pricing.

Standard Chartered moved to shore up its capital ratios on Tuesday, as it launched a long-expected rights issue, totalling £3.3bn ($5.1bn). Bank of America Merrill Lynch and JP Morgan have fully underwritten the deal.

ICBCIL Finance, a wholly-owned subsidiary of Industrial and Commercial Bank of China, has set its sights on a triple-tranche dollar offering split between three and five year fixed rate notes as well as a three year floating rate tranche.

Worldpay, the UK payments processing company, on Thursday sold its first bond issue, a €500m deal — in what could be the busiest string of seven trading days since July, with four more deals roadshowing.

National Bank of Oman has mandated five banks for a dollar perpetual additional tier one (AT1) bond and is starting the roadshow for the deal on November 5.

Nordea Bank received strong demand for its first tier two debt in euros since 2012 on Monday, as the primary market remained otherwise empty.

Investec Bank signed its third and fourth syndicated loans of the year last Friday, and held a bank meeting this week for its fifth loan. The bank plans to stick to smaller, more regular loans in a volatile environment for emerging markets.

The Export-Import Bank of Korea (Kexim) is testing investors’ appetite for a dollar bond, its first since receiving a credit boost from Standard & Poor’s in September.

Dali Foods Group Co is expected to open books in the week of November 2 for its $1.5bn IPO in Hong Kong, after investors gave the thumbs up to the Chinese snack food maker during pre-marketing.