Citi

Zhongyu Gas fires up refi — Trans Corp hit syndication — Cheng Loong raising Vietnam funds — Global Bank gets bigger loan

Oman released initial price thoughts on Wednesday morning for new five and 10 year notes and evidence suggests the deal was building well.

Hotel Lotte Co has managed to smooth over a wobble in investor sentiment for its W5.3tr ($4.6bn) IPO after accusations of bribery in the company hit the news last week. It has delayed its listing by a month, chopped the price range to bandage the situation and now looks set to go ahead, writes Jonathan Breen.

The June crop of IPOs should all be brought home by the end of this week, leaving the market bare for the dangerous mid-June weeks when the UK will be holding its referendum on leaving the EU.

Emerging market bonds gained renewed energy this week as the likelihood of a US rate rise in June fell. A torrent of issuers are bringing new bonds on both sides of the Atlantic.

Price guidance is expected imminently on the IPO of insurance company ASR Nederland, which is closing on Thursday and looks set be the biggest in the current spate of Dutch equity capital markets deals, beating last month’s listing of Philips Lighting.

Of the five IPOs due to reach completion this week, Norway’s B2 Holding finished its bookbuild today and Dong Energy has put out final guidance. Van Lanschot has also just revised its guidance. The other two — ASR Nederland and Basic-Fit — have still to refine their original price ranges.

A trio of issuers have lined up short end dollar deals for pricing on Wednesday. Some bankers said the focus on threes and fives was in response to poor US jobs data last week, although that view was not universal.

Eskom, the South African state-owned electricity firm, is arranging a syndicated loan with a guarantee from African Development Bank (AfDB), and the deal could be as large as $1bn, said one banker this week.

Abu Dhabi National Energy Company (Taqa) is embarking on a roadshow for a new dollar senior unsecured bond through six banks.

Hotel Lotte Co has sliced the potential money it can raise from its IPO to W5.3tr ($4.6bn), a cut of more than W400bn, and pushed back the deal to now launch in mid-July, according to an updated prospectus filed with the South Korean regulator.

Commercial Bank of Qatar shrugged off signs of fatigue after $24bn of GCC supply this year to print a $750m five year on Monday.