Credit Suisse
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The Republic of Korea returned to the euro market for the first time in eight years on Tuesday, pricing a $2bn equivalent dual tranche trade that included a dollar leg. Bringing its first ever 30 year bond, the sovereign was able to create one of the flattest dollar curves of its peer group. But having been away from euros for so long, it was prepared to leave some money on the table for that tranche if needed, writes Isabella Zhong. -
Zurich Insurance took to its home market on Monday to sell hybrid bonds, feeding Swiss investors’ demand for an asset class that has seen little supply in the first half of 2014. Dutch lender ABN Amro tapped the market the same day, selling a floater at the short end of the curve.
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Chinese microfinance company Hanhua Financial Holding, which was forced to pull its planned listing in March, has returned to the market, opening books for its Hong Kong IPO on June 3 at a size that is 17% lower than its previous target.
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Malaysian offshore supply vessel operator Icon Offshore opened books on its MR945m ($294m) IPO on May 30, with more than half the deal taken by cornerstones and only 9.8% of shares available for international investors.
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Kazakhstan Temir Zholy (KTZ), the Kazakh state owned rail company, and Panamanian lender Global Bank both made their Swiss franc debuts this week. While attractive yields have made emerging market credits popular with Swiss investors, both borrowers struggled to appeal to institutional accounts and were forced to print smaller than expected deals.
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Credit Suisse is developing a swap execution facility agency model that will connect its clients to SEFs.
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The Republic of Korea returned to the euro market for the first time in eight years on Tuesday pricing a dual tranche trade that also included a dollar leg. Out with its first ever 30 year bond, the sovereign was able to create one of the flattest dollar curves among its peers. However, it was happy to leave some money on the table for the euro tranche having been away for so long.
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Kazakhstan Temir Zholy (KTZ), the national rail company of Kazakhstan, is set to make its Swiss franc debut on Wednesday afternoon, selling a dual tranche deal. A lack of demand from institutional buyers is likely to limit the size of the deal, though the issuer could look to tap the deal quickly if interest in the grey market is strong enough.
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Standard Chartered this week took advantage of low supply in the sterling market and an attractively flat maturity curve between 15 and 20 years to print its first sterling tier two capital trade since 2008, bringing in a sizeable book and setting a final print at around fair value.
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Standard Chartered is taking advantage of low supply in the sterling market and an attractively flat curve to print its first sterling tier two capital trade since 2008, bringing in a sizeable book and targeting a final print at around fair value.
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Chinese microfinance company Hanhua Financial Holding, which was forced to pull its planned listing in March, has returned to the market, opening books for its Hong Kong IPO on Tuesday at a size that is 17% lower than its previous target.
