Bank of America

Chinese broker Citic Securities Company tapped the offshore market with a dollar bond on October 23 that was drawn from a $3bn MTN programme. Even though it coincided with a slew of other transactions, the issuer still managed to get a good result, pricing through its closest comparable.

Rating: Aa1/-/AAA

Internationally syndicated Turkish corporate loans are rare, but this week has seen three push deals forward. Cake maker Ulker launched its loan into syndication on Monday, Turk Telekom subsidiary Avea completed a club loan and Yildiz dairy subsidiary Ak Gida is in the final stages of syndicating an Islamic loan.

US pharmacy chain Walgreens is set to launch a three day roadshow on Wednesday October 29 for a potential debut bond in euros, sterling, or both.

More borrowers could follow a ground breaking deal from the European Stability Mechanism this week — a two year deal that is understood to be the first ever 0% coupon on a benchmark from a supranational or agency borrower.

Dai-ichi Life is the latest Asian insurance company to tap the dollar market and has opened guidance on a new perpetual bond. It follows hard on the heels of Korean Re, which priced its debut bond on October 14.

Sovereign, supranational and agency bankers are waiting for a borrower — possibly Sweden — to attempt a benchmark in the belly of the curve to test the strength of sentiment after extreme volatility in US Treasury markets last week led to a pair of undersubscribed deals in dollars.

Korea Hydro & Nuclear Power (KHNP)’s new five year fixed rate note was six times over-subscribed on Tuesday. The Aa3/A+/AA- rated borrower offered investors something of a safe haven play amid the recent market volatility and strong demand drove pricing flat to the issuer’s existing curve.

The European Stability Mechanism took a novel approach to the sale of its shortest dated bond to date on Tuesday, printing a two year deal with what is understood to be the first ever 0% coupon on a benchmark from a supranational or agency. Agence Française de Développement is set to mimic the ESM’s tenor on Wednesday, after mandating banks for a long two year on Tuesday afternoon.

Korea Hydro & Nuclear Power (KHNP) is out with guidance for its second dollar bond of the year. It priced a three year floating rate note in May.

The European Stability Mechanism has opted to sell what will be its shortest dated bond to date on Tuesday, after mandating banks for a two year bond on Monday afternoon. Meanwhile, the State of North Rhine-Westphalia grabbed some funding at the long end of the curve.

Chilean power company E-CL was set to announce a long awaited bond issue on Monday morning after capital markets showed signs of stability towards the end of last week. The outcome will be of particular interest to SQM, the Chilean chemical firm that announced its bond roadshow on Friday.