JP Morgan

South Korean game developer Netmarble Games is set to rake in W2.7tr ($2.4bn) from its IPO as books were multiple times covered at the top of guidance, according to a banker on the deal.

Strong volumes at the start of the year and an easy comparison quarter have meant the US banks have posted stonking sets of investment banking numbers in their first quarter reporting. Goldman’s trading numbers may have disappointed, but broader business is booming on Wall Street.

Wall Street’s heavyweights peppered the dollar market with big self-led callable deals after reporting a stream of strong first quarter earnings, with one notable exception.

Shares in Cobham, the troubled UK aerospace and marine technology company, have risen 12% since the company’s shareholders gave their backing for the company’s second rights issue in 12 months on Wednesday.

UK hotel group Travelodge and social care firm Voyage Care both started roadshows on Wednesday for £165m and £250m of notes, respectively.

China Everbright Greentech opened books for its HK$3.3bn ($424.5m) IPO this week, while BoCom International Holdings began premarketing a potential $300m Hong Kong IPO, and China’s Zhongyuan Bank Co also laid out plans to list in the city.

China’s Times Property Holdings sealed a quick $225m deal on Wednesday to reach the upper limit on its offshore issuance cap for the year.

JP Morgan, Citi and BAML have gained most from industry tailwinds during the first quarter, while Goldman Sachs lagged behind. But the spectre of regulatory reform threatens the universal model just as it is gathering real momentum, writes David Rothnie.

Ukrainian poultry producer MHP is lining up the second corporate bond of the year from the country, following a deal from Kernel in January.

Bank of America opened books on a four tranche dollar deal on Wednesday, following first quarter earnings and chasing huge senior transactions from its peers JP Morgan and Citi.

Korea Resources Corporation, or KoRes, wrapped up its annual return to the dollar bond market with a $425m five year transaction. However, bankers said the issuer paid up due to tensions on the Korean peninsula and an unexpected imminent UK election.

Wednesday proved yet another robust day for Asian bonds, with rubber company Halcyon Agri Corporation, Industrial and Commercial Bank of China’ Singapore branch and Chinese developer Times Property Holdings out for funds in the primary market.