Bank of America

Korea Hydro & Nuclear Power (KHNP) has mandated five banks to arrange a series of fixed income meetings that is scheduled to kick off from September 8.

Whether it is because investors have full faith in the eurozone periphery recovery story, are desperate for yield or a bit of both, there was little doubt this week that sovereigns in the region will be able to extend their average maturities in the coming months.

Fixed income investors were more than happy to see the return of Bank of Tokyo-Mitsubishi UFJ on September 2, tabling more than $14bn of orders for the $4.5bn five tranche offering. The blowout transaction was the second of the year for BTMU, replicating a structure that worked out well for it six months ago.

British cigarette maker Imperial Tobacco has secured financing for its $7.1bn acquisition of brands from Reynolds American, and refinanced its existing revolving credit facilities.

The Bank of Tokyo-Mitsubishi UFJ (BTMU) is back in the market with its second mammoth multi-tranche offering of the year.

Bankers adopted a more tactical strategy for Korea Development Bank’s new 5.5 year, choosing to announce the deal in the Asian afternoon on September 2 in a bid to focus more on US investors. However, demand has not lived up to expectations in the face of competing market supply and tight Korean credit spreads.

Bangkok Dusit Medical Services Public Company, which in mid-June said it was seeking shareholder approval to issue a convertible bond, has now started investor meetings for the offering.

Associated British Ports, which owns and operates 21 ports in England, Scotland and Wales, has refinanced the last of its batch of loans signed in 2011 with £400m of new revolving credit facilities.

361 Degrees International, a Chinese sportswear brand targeting second and third tier cities, is meeting investors for its debut offshore renminbi bond. Tsinlien Group, meanwhile, has mandated banks for its own CNH deal.

Rating: Aaa/AAA/AAA

Mergers and acquisitions are set to be an important driver of corporate bond issuance this autumn. Deal mandates are already building up — in fact, M&A is the driver for virtually all the deals that have yet appeared in Europe’s corporate bond pipeline this season.

Agence Française de Développement has hired banks to arrange a string of investor meetings in Europe before a potential debut climate bond in euros.