Citi

The Export-Import Bank of Korea (Kexim) hit the offshore market yet again on Tuesday with a dual tranche dollar bond, a month after the South Korean issuer sold a Singapore dollar deal and a Formosa bond.

Has Europe’s corporate bond market ever been hotter than today? Perhaps, but Monday’s four investment grade deals totalling €7.4bn offered ample evidence of extraordinary demand — not least, what is believed to be the most tightly priced corporate hybrid capital issue ever, for Danone.

The European Stability Mechanism is finally set to come to market to sell its first ever dollar bond, lining up for a transaction on Tuesday alongside two SSAs looking to access the rare 10 year dollar tenor.

Nomura said it had hired Frédéric Giovansili, Citi's head of markets for France, Belgium and Luxembourg, as head of western European sales, the Japanese bank's third senior hire from Citi in short order.

Southeast Asian issuers have been largely absent from a bumper crop of dollar bond supply in the region over the last few weeks. But Malaysian aluminum producer Press Metal Aluminium Holdings is planning to add a bit of spice to the market, after opening books for its debut on Monday.

Kia Motors Corp found nothing but clear roads in the bond market on Thursday, after a moment of traffic briefly delayed its $900m dual-tranche transaction.

China Merchants Bank priced its debut Basel III-compliant additional tier one dollar bond on Thursday, closing the bond 10bp inside its main comparable after a small size and some rarity value proved decisive.

China Merchants Bank priced its debut Basel III additional tier one dollar bond on Thursday, 10bp inside the main comparable, as the small deal size and rarity value proved attractive.

The order books for Vincom Retail’s record-breaking IPO in Vietnam will close a day early. The D15.4tr ($677.9m) listing has already attracted heavy demand.

Expectations for third quarter earnings at Europe’s investment banks have taken a knock, following a disappointing round of US bank earnings that saw trading performance remain muted. European banks may also be losing market share in trading, and any poor performance will be compounded by the strong euro.

Investors in public sector dollar deals have found themselves forced to accept brutally tight pricing as issuers drive in spreads to round off their funding programmes.

Big ticket European take-privates are back, evoking memories of the last buy-out boom, writes David Rothnie. Will it be different this time?