Citi
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Industrial Bank of Korea has launched a $303m global depositary receipt offering, to be listed on the Luxembourg Stock Exchange, with a view to pricing on the evening of April 11. -
Suhyup Bank priced a new five year bond on Wednesday, with investors taking advantage of the rare Korean paper which received an orderbook that was eight times oversubscribed.
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Korea Resources Corporation will be meeting with investors for a potential dollar issue as the fundraising season kicks off again for industrial names.
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A quiet first quarter of FIG issuance from Latin America has drawn the region’s banks into a bond market that has delivered tightly priced bonds, said bankers. Santander Chile and Brazil’s BNDES benefited this week, with BNDES’s deal of particular encouragement to other Brazilian bank issuers, according to DCM bankers in the country.
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Six bank and finance names raised $14.5bn in the space of three days, boasting bulging order books and minimal new issue concessions as investors scrambled for extra yield.
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While the focus in euros this week may have been on Greece’s blowout return to the capital markets, two other issuers were able to sell successful trades of their own. The European Financial Stability Facility and Unédic breezed through seven year trades, though syndicate bankers worry that a quiet patch lies ahead with few agencies keen to issue.
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The European Bank for Reconstruction and Development sold the only dollar benchmark of the week on Wednesday, in what could also be its only benchmark of 2014. The deal drew some criticism due to a tight spread, but is expected to perform well in the coming weeks.
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Romania has picked four banks from its primary dealer list to lead manage a euro-denominated bond, according to two sources away from the deal.
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The sporting world has been hit by many a betting scandal over the last few years but they are all dwarfed by the latest disgrace to hit horse racing, Leak can reveal.
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The tightest and most oversubscribed UK covered bond in three years could signal the start of banks releveraging in Britain and elsewhere in Europe, according to analysts. The €1bn Lloyds Bank deal — the country’s first in euros this year — should also tighten the UK covered curve, particularly with growth rebounding, writes Bill Thornhill.
