Citi

Bank of Tokyo-Mitsubishi UFJ slotted a fifth tranche into its blow-out $4bn bond on Tuesday, adding a 30 year bond after US investors showed strong appetite for the longer tenor.

AIA Group amassed an $11bn order book on Tuesday for its second dual tranche dollar bond. It opened books for US investors after the Asia close and strong demand enabled it to price inside its existing Reg S bond.

Korean Exchange Bank failed to sell its stake in Hana Financial Group on Wednesday as books were not covered in time, according to a banker close to the transaction.

Investors have put in nearly €45bn of orders across three new additional tier one deals, in a week that has seen numerous records in the asset class broken. The activity was variously described by bankers as a “bonanza” with “no end in sight” for demand, causing both excitement and a tinge of bewilderment among market pros.

AIA Group amassed a mammoth orderbook of $11bn for its second dual tranche dollar offering on Tuesday. The issuer opened books for US investors after the Asia close and strong demand enabled the issuer to price inside its existing Reg S bond.

Nationwide Building Society opened the frontier for sterling denominated additional tier one debt, with demand indicating the currency could provide as natural a home for AT1 as euros or dollars.

Citi adjusted its 2013 results downwards on Friday as oil services company Oceanografia’s creditors continue to suffer from the company’s suspension from being awarded new Mexican government contracts. As the company’s bonds plunged into the teens, investors said the situation was a reminder of the risks of buying unrated corporates.

The Republic of Azerbaijan has picked banks for its inaugural dollar bond and begins investor meetings on Monday. Comparably rated sovereigns like Russia and The State Oil Company of the Azerbaijan Republic (SOCAR) with provide reference points for pricing.

This week’s CEEMEA deals were trading well in the secondary market on Friday morning. Abu Dhabi Commercial Bank’s $750m bond was almost 10bp tighter after being priced flat. Gazprombank’s 5.5 year transaction was slightly above re-offer, and Russian Railway’s nine year euro transaction was up after being sold against a particularly difficult backdrop.

Multipolar has reopened its $200m 9.75% 2018s with a $30m tap. The Indonesian retailer made the offering to meet new financing needs but was restricted to a small issuance by high yield debt covenants, according to a banker on the deal.

Adira Dinamika Multi Finance launched its $200m facility to the market on Friday, February 28, pricing the deal at 175bp over dollar Libor — and managing to save 5bp over its previous loan.

Nationwide Building Society has thrown its hat into the ring for selling additional tier one debt, mandating lead arrangers to gauge interest in what would be the first such deal to be denominated in sterling and the first AT1 paper to be sold by a non-bank institution.