BNP Paribas

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.

Aegon set out at the end of last week to sell a €700m 30 year non-call 10 year subordinated bond, successfully printing the deal even as market players headed out the door for Easter weekend.

With books more than sufficiently covered in general syndication, Indonesia’s Adira Dinamika Multi Finance is considering increasing its loan size by $100m to $300m with allocations now being determined.

Union Bank of India is set to become latest Indian bank to tap the international bond market and has announced guidance on a new 5.5 year bond. Bankers are confident that the recent sell-off in SBI newest bond will not and that Indian credits remain in favour.

Woori Bank is set to continue the rush of Basel III compliant tier two paper having mandated banks for a transaction which is expected to launch Wednesday.

In yet another sign of the European high yield market's bullishness, SGD Group, the French glass packaging company and a debut issuer, has priced a fixed rate bond with an unconventionally short non-call period, increased the deal and sold it inside price guidance. And SGD is not alone — Alain Afflelou, a French optician chain, is following the short call example.

CGG sold its first high yield bond in euros on Wednesday. The French geosciences business, formerly CGGVeritas, increased its deal from €360m to €400m and priced it inside guidance with a 5.875% coupon.

Piaggio, the Italian motor scooter maker, increased its seven year high yield bond from €200m to €250m and priced it with the minimum yield announced on Monday, as part of an exchange offer.

Snam, the Italian gas transport network, found very strong demand on Wednesday for a €500m bond issue, as investors ignored the threat of war between Russia and Ukraine and piled into West European corporate credit.

State Bank of India last week issued a dual tranche bond that was six times oversubscribed, suggesting many investors' outlook on India remains positive.