Goldman Sachs

Export-Import Bank of Korea (Kexim) set a new benchmark this week with what bankers say is the first triple tranche deal out of South Korea. The policy bank managed to bring high quality US investors into its three year notes, while also sealing tight pricing on the longer-dated portion.

Hotel Lotte Co is aiming to raise as much as W5.7tr ($4.8bn) from its South Korean IPO and is due to start pre-marketing on Friday.

Bankers and investors are paying close attention to BOC Aviation as it navigates the market with its HK$8.7bn ($1.1bn) IPO, set to be one of the largest listings of the year in Hong Kong. But what sets this deal apart is that despite its link to Chinese state-owned Bank of China, it is not being propped up by friends and family investors. Jonathan Breen reports.

Shares in Van Lanschot, the Dutch investment bank that is transforming itself into a pure wealth manager, have traded fairly stably as its ‘re-IPO’ has been announced and got under way this week.

Export Development Canada is set to join what one SSA banker described as a “ridiculous” dollar market, where issuers are selling in big size and with little or no new issue premiums.

A slumbering euro market for core issuers kicked into life on Wednesday, as Nederlandse Waterschapsbank looked to take advantage of a strong bid for duration and the European Financial Stability Facility sent out a request for proposals for its deal window next week.

Allnex, the Brussels-headquartered coating resins business, has released price talk on its €760m cov-lite term loan ‘B’ while Amor, the German jeweler, has launched its €145m buyout debt package.

Public sector borrowers are taking advantage of some of the best conditions in the dollar market all year to print jumbo sized deals at the tightest spreads to US Treasuries in months.

After the extremes of recent weeks, with enormous order books and sometimes negative new issue premiums, Europe’s corporate bond market has reached a steadier cruising speed this week.

International bond issuance from South Korea looks set to resume with Export-Import Bank of Korea back in the market for its third dollar fundraising of the year.

World Bank roared into the dollar market on Tuesday with the largest five year benchmark in the currency in over a year, as KfW and Bank Nederlandse Gemeenten hit screens with short dated mandates.

Goldman Sachs has sold the largest offshore renminbi deal of the year, raising slightly more than Rmb1.3bn ($199m) from a Formosa bond on Tuesday.