BNP Paribas

Lenovo's lack of a rating is not putting investors off the new five year bond that it kicked off on Tuesday, although bankers reckon that the issuer will have to pay up a little. By late afternoon in Hong Kong, the Chinese computer giant had already amassed $2bn of orders for its five year bond, which is due to price overnight.

Bankers announced comps for Lenovo’s debut dollar bond on April 28 as they continue investor meetings in Singapore. The issuer has already received strong indications of interest and is guiding investors to a five year transaction.

Allocations are out for Indonesian company Adira Dinamika Multi Finance’s loan of $300m, which has increased by $100m after strong demand in syndication.

Alain Afflelou, the French optician chain, priced its €440m bond issue on Thursday April 17 – the second European high yield deal in three days to have the more aggressive 1.5 year initial non-call period.

Investors have been entering one-month-to-one-year down-and-out-puts and “appearing” put spread strategies with strike prices of 90% and 80% of spot on the S&P 500, in a bid to monetize the elevated skew levels on the index.

PepsiCo, the US soft drinks and snacks group, sold its first bond in a continental European currency for 18 years on Tuesday, with a seven and 12 year euro bond that was capped at €1bn.

Union Bank of India launched its latest bond into a busy market on Tuesday, pricing with a new issue concession to help allay investors' concerns after the heavy sell-off of State Bank of India’s recent bonds.

Woori Bank printed the first US dollar Basel III tier two bond from a South Korean issuer on Wednesday night. A big order book helped the borrower to tighten initial guidance by 30bp, the largest margin for an Asian issuer issuing a Basel III compliant security.

PepsiCo, the US soft drinks and snacks group, sold its first bond in a continental European currency for 18 years today, with a seven and 12 year euro bond that was capped at €1bn.

Woori Bank opened the books for the first dollar denominated Basel III deal from a South Korean bank on Wednesday morning with a 10 year bullet tier two bond.

Union Bank of India launched its latest bond into a busy market yesterday, pricing with a new issue concession to help allay investors concerns after the heavy sell-off of State Bank of India’s recent bonds.

Investors should look at buying a January 2015 variance swap on the SPDR S&P Metals and Mining exchange-traded fund for 29.7 points, while selling a Jan. 2015 variance swap on the S&P 500 for 17.2 points, in a bid to play possible impending turbulence in China and other emerging markets.