Credit Suisse

Banco do Brasil is asking holders of its old-style hybrid tier ones to swap into new notes eligible as additional tier one capital under Basel III regulations.

Commerzbank issued a €1bn five year mortgage Pfandbrief on Monday, achieving a spread that was in line with French borrower Compagnie de Financement Foncier (CFF) two weeks ago. The pricing shows that there is no longer a spread between French and German covered bonds, and bankers expect more jurisdictions to catch up soon.

Swiss chocolate maker Lindt & Sprüngli returned to the bond market for the first time in nearly 15 years on Wednesday with a bumper Sfr1bn triple-tranche transaction.

Industrial and Commercial Bank of China (ICBC) priced its inaugural Swiss franc deal on Thursday, becoming the third Chinese borrower to debut in the currency this year.

Expectations of low supply in the remaining part of the year and a hunger for yield benefited FIG issuers this week. Barclays, Credit Suisse, Goldman Sachs and Morgan Stanley all received strong receptions for new senior prints.

Philippine retailer SSI Group has started investor meetings for an IPO worth around Ps10.8bn ($243m), which will see the company offering a combination of primary and secondary shares.

After slipping in the first two days of this week, Alibaba Group’s shares rebounded on Wednesday to close at $90.57 per share. While this is up 3.9% on the previous day, it is still 2% lower than where the Chinese e-commerce company's stock opened on its debut on the New York Stock Exchange last week to become the largest IPO in the US.

A Basel III landmark was notched up this week as Bank of Communications (BoCom) became the first Chinese bank to issue without the use of an overseas entity. But despite the pioneering nature of the tier two deal, the market’s focus remains firmly on upcoming additional tier one (AT1) issuance, with some investors staying clear of BoCom in preparation for the higher yielding deals, writes Rev Hui.

Port operator Pelabuhan Indonesia III (Pelindo III) had a debt capital markets debut to remember on September 24, with a blowout $500m 4.875% 10 year transaction that was close to 16 times subscribed.

Hong Kong’s Chong Hing Bank managed to navigate a tight issuance window in the week of September 15 to tap the market with what is only the second US dollar denominated AT1 trade from an Asian lender. The $300m perpetual non call five transaction proved to be such a hit with investors that books ended up more than 16x covered, which allowed the lender to shave 25bp off the pricing of its closest comparable.

Thailand’s equity market looks set for a busy few months, with Bangkok Airways Public Company starting to pre-market an IPO that could raise up to $500m. At that size the deal would be one of the largest listings yet in the country.

Brazilian cement company Cimento Tupi is aiming to price an expected add-on of $50m to its existing 2018 notes this week subject to market conditions, according to a banker working on the deal. B/B rated Tupi will wrap up a roadshow in Switzerland on Thursday.