Barclays

Capital raising by Japanese banks has burst into life over the past week as the first two lenders to raise Basel III debt made their tier two debuts. And thanks to Japan's favourable point of non-viability (PONV) regime, the pair managed to secure blink-and-you’ll-miss-it premiums over legacy bonds.

Sumitomo Mitsui Financial Group printed the second US dollar Basel III tier two offering from a Japanese bank on Wednesday night. With most of the price discovery carried out by its predecessor Mizuho, the issuer was able to execute the deal in a brisk fashion.

Volkswagen Financial Services nipped back into the bond market today, the very next day after its €1.5bn 3.5 and eight year transaction yesterday. This time, it wanted a sterling deal.

The world’s largest pork processor WH Group, or formerly known as Shuanghui International, now has a record 28 banks working on its jumbo $5bn-$6bn IPO, according to bankers on the transaction.

Bank issuance from Poland and Abu Dhabi has kept CEEMEA bond supply going this week, while Mexico’s Cemex tapped the euro and dollar markets.

Sumitomo Mitsui Financial Group opened the books on Wednesday for the second US dollar Basel III tier two offering from a Japanese bank.

Zambia has its work cut out on a seven day roadshow that starts on Thursday. The sovereign is planning a second dollar Eurobond, but will have to convince investors it has a solution to its deteriorating finances in order to avoid offering a hefty yield, said analysts.

Three financials are looking to retest the market’s appetite for additional tier one deals, after a two week hiatus for the asset class that has seen spreads on recent AT1 bonds widen, raising the question of whether the next round of trades will enjoy the stellar primary market successes of their peers.

Sumitomo Mitsui Financial Group looks set to become the second Japanese bank to sell a Basel III-compliant tier two bond.

Telefónica returned to the hybrid capital market on Monday, six months after its €1.75bn transaction in September, to sell another deal of the same size.

A £62.7m block trade in UK housebuilder Crest Nicholson came at a 5% discount to Thursday’s closing price, but at a 6% premium to where the stock had been trading only a week ago.

Nasdaq-listed China Mobile Games and Entertaintment (CMGE) raised $82.6m by selling new American Depositary Shares on March 20.