Citi

South Korea's Netmarble has shortlisted a trio of international banks and five local houses to lead its IPO, which could raise as much as W2tr ($1.6bn).

Khazanah Nasional started taking orders for its first Islamic bond in dollars on Tuesday, while Bank of China’s Hong Kong branch launched bookbuilding for a triple tranche senior dollar deal.

With the year not two months old, seven leading equity capital markets banks have got saddled with what is understood to be at least €50m each of Saipem shares, after the rump of its rights issue failed to sell.

A plunge in sterling’s value on Monday after the UK government picked a date for the country’s European Union membership is unlikely to stop SSAs adding to a record breaking year in the currency so far, said bankers.

Tata Steel has received a new commitment at the senior level for its $1.5bn refinancing, with banks yet to join in general syndication.

State Bank of India is back in the loan market for a fresh $500m fundraising that is expected to launch into syndication in the next couple of weeks.

Cheung Kong Infrastructure Holdings (CKI) is on track for a comeback to the dollar hybrid bond market, while India’s National Thermal Power Corp kicked off bookbuilding for a 10 year Reg S offering on Monday.

DNB Bank priced its first public euro senior unsecured bond for more than four years on Friday, and became the latest bank to take as much as possible from its order book as conditions remain uncertain.

Insurance claims processor Solera Holdings has just three more days of roadshowing to persuade investors to get involved in its $4bn bond and leveraged loan financing, with the jury out on whether a strong week of meetings in the US can trump the torrid time the company had when courting investors in Europe, write Max Bower and Victor Jimenez.

Helaba brought the biggest Pfandbrief since 2011 on Tuesday, pulling in €1.25bn with a long four year deal. It was the first ever euro benchmark covered bond issued with a zero percent coupon, but given the persistent low interest rate environment it is unlikely to be the last, with some bankers alarmed at the prospect of negative yielding covered bonds.

Nordic Investment Bank has printed the second dollar benchmark from an SSA this week, as issuers contend with the effects on pricing of negative swap spreads.

High yield bankers insist that the European market will not be paralysed by some of the banks holding debt they have been unable to sell, even after the failure of last week's €1.55bn financing for LeasePlan.