BNP Paribas

State-owned mining group Korea Resources Corporation (KoRes) took advantage of relatively stable market conditions on Thursday to notch a record low coupon on its inaugural Swiss franc bond.

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.

FMS Wertmanagement is open to opportunistic private placements ahead of the end of the year, after a $1.5bn long two year benchmark took it to nearly €11bn done of a 2014 funding target that it originally set out as €10bn.

IDBI Bank priced a five year dollar bond on October 20. While volatile markets saw the issuer pay some new issue premium, it managed to take advantage of a good window to price just wide of its curve.

Korean hotel and rental service provider Hanjin International Corp is out with guidance for a three year floating rate note guaranteed by the Export-Import Bank of Korea (Kexim).

Mexican government-owned oil company Pemex will visit European investors next week on a non-deal roadshow, a source close to the borrower said.

Infrax, the Belgian multi-utility, launched its first bond as a rated entity today, raising €250m of 15 year debt and benefiting from shedding the premium paid by unrated issuers.

Arkema’s roadshow for its possible €600m-€700m perpetual non-call six year hybrid bond issue finished today in Germany, following investor meetings in Paris and London which the leads say were well attended.

German wind-up agency FMS Wertmanagement priced on Wednesday afternoon the first benchmark in two weeks to come at the tight end of guidance.

Three issuers, two of them US banks fresh from earnings releases, announced deals to a buoyant euro denominated senior unsecured market on Wednesday.

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.

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.