Citi

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.

Japan’s Accordia Golf is eyeing a S$1bn ($800m) business trust offering of its golf courses onto the Singapore Exchange, according to bankers on the trade.

China National Overseas Oil Corporation opened the books for a three tranche transaction on Wednesday morning as the issuer embarks on its annual bond fundraising, joining a number of other Chinese state owned enterprises that have come to the market in recent weeks.

Korea’s Samsung Life Insurance was the subject of a sell-off by four shareholders on Tuesday in a block trade worth W311.9bn ($300m) that was well received by investors who had a degree of price sensitivity.

Sinochem launched a five year bond on Tuesday morning as the market reopened on firm ground following the Easter break.

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.

Brazilian cement company Votorantim Cimentos completed its second debt liability management exercise of the year last week after nearly 60% of investors holding the company’s €750m notes due 2017 agreed to sell their paper.

A group of six banks are expected to form a club to provide Hong Kong-listed Champion Real Estate Investment Trust with a HK$7.5bn ($967m) loan, according to bankers.

China Modern Dairy Holdings has made its debut in the international syndication market with a $200m three year term loan, with bankers on the deal already counting on a solid response from lenders.

Iceland's Arion Banki is to test the outer limits of investors’ growing receptiveness to peripheral European credits. The bank, carved out of the failed Kaupthing, is seeking to launch the first euro bond from an Icelandic financial institution since the credit crisis, writes Graham Bippart.

As if international sukuk were not already rare enough with only six dollar issuers so far in 2014, this week brought an even more unusual sighting — a deal that didn’t have an outrageously oversubscribed order book. Turkiye Finans can thank Damac Real Estate Development’s aggressive handling of investors for that, and so may the rest of the sukuk market.