Citi

National Bank of Kuwait, the country's largest lender, was set to raise an additional tier one (AT1) bond on Thursday as FIG issuers across the Gulf take advantage of good credit conditions. More subordinated funding from the region's banks is expected in the coming weeks.

South Korean e-commerce firm Coupang is set for a multi-billion-dollar New York IPO — the first US listing from the country for a decade. The deal structure could appeal to other Korean start-ups, bankers said this week. Jonathan Breen reports.

Italy hit the market with a dual tranche on Tuesday, raising €4bn with a 30 year linker and €10bn with a new 10 year BTP. A sharp move in pricing on the 10 year leg meant it lost €45bn of orders, but SSA bankers on and off the deal said the trade was still a good result.

Conor Davis is replacing Jim O'Donnell as head of investor sales and relationship management for Citi's markets business.

Participants in Europe’s high grade bond market have been left scratching their heads about the performance of a Becton Dickinson €600m 15 year bond since it was issued last week. The spread has come hurtling in by 20bp, despite bankers away from the deal saying they would probably have valued it similarly to the leads.

Italy came to the market for its first syndication since a seismic rally in the sovereign’s bonds after Mario Draghi agreed to form a new government earlier this month. But despite the huge confidence from investors in BTPs, a compression of 4bp from initial price thoughts for a new 10 year led to a dramatic loss of over €45bn orders.

Two SSA borrowers hit screens on Tuesday to announce benchmark bonds. Deal flow in the SSA market has slowed after the January rush, but borrowers are still keeping investors busy with a regular flow of deals.

Iceland’s Landsbankinn is set to sell its inaugural green bond, having mandated a quartet of banks to begin investor calls on Tuesday ahead of a potential senior issue.

National Bank of Kuwait, the country’s largest financial institution, has mandated banks to arrange an offering in its return to the additional tier one market. Market participants, however, are still holding out hope for the Kuwaiti sovereign to make an appearance.

Coupang, an e-commerce company, is planning a $1bn IPO in the US as it gets ready to become the first South Korean firm to list in New York in 10 years.

Europe’s high grade bond investors showed they are still willing to swallow ultra-thin spreads on Monday, when Dutch leasing company LeasePlan priced a green bond well inside fair value and Deutsche Boerse won ample demand for a thinly priced €1bn deal.

Italy hit screens on Monday to announce a dual-tranche syndicated deal comprising a new 10 year benchmark and 30 year inflation-linked bond.