Deutsche Bank

IDBI Bank’s top management are doing the rounds with investors as they try to drum up interest for a Rp38bn ($561.3m) qualified institutional placement.

Lippo Karawaci has launched an exchange offer and consent solicitation, aiming to switch holders out of a 2019 bond into new 2023 notes.

Several major Italian ECM deals are set to move forward in the next few weeks. Saipem, the oilfield services company, will open subscription for its €3.5bn rights issue on Monday January 25. And Veneto Banca is set to announce in the next couple of weeks more detail of its €1bn capital increase and flotation, to be completed in April.

Anheuser-Busch InBev’s $46bn seven tranche bond issue this week defied expectations that the brewer would have to pay up to finance its takeover of SAB Miller. InBev took out nearly two-thirds of its acquisition financing in one go.

A strong start to public sector dollar issuance in 2016 fell away this week, as volatile swap spreads returned and worries over the health of the Chinese economy made printing further along the curve difficult.

Covered bonds issued this week from Lloyds and Bank of Nova Scotia were among the largest seen this year and attracted the biggest order books.

Five issuers from core Europe priced covered bonds this week but the standout success, which could have been priced without the European Central Bank’s help, was the first Austrian deal of the year from Erste Bank.

Scandinavian Tobacco, the manufacturer of cigars and pipe tobacco, launched its all secondary initial public offering on the Copenhagen Stock Exchange on Thursday, with the release of an intention to float statement.

Euro issuance had been subdued this week, with issuers reluctant to clash with AB InBev's $46bn deal, but it picked up hours before the brewer's launch on Wednesday.

A series of oversubscribed deals among core issuers could encourage Austria to seek a print in the current market.

A trio of Spanish issuers launched the first covered bonds of the year from southern Europe this week but, with peripheral spreads widening sharply, conditions are not conducive to further supply.

The UK High Court has said that a former Deutsche Bank trader’s suit to claim crisis-era bonus payments “has no realistic prospect of success”.