JP Morgan

Korea National Oil Corp (KNOC) navigated a crowded primary market on Tuesday to seal a $1bn dual-tranche bond. Thanks to the credit’s safe-haven status, onshore investors piled in, allowing the firm to price the deal flat to its existing curves.

Global Medical Real Estate Investment Trust, owned by Hong Kong-listed ZH International Holdings, is aiming to list on the New York Stock Exchange in a deal that could net $100m.

ArcelorMittal’s $3.015bn rights issue, as part of its $4bn debt cutting plan, was completed oversubscribed, the steelmaker said on Monday, despite the gloomy outlook for the European steel industry.

The European Investment Bank built a book of €8bn for a 10 year Earn on Tuesday as the 10 year Bund yield fell to a 12 month low, leading bankers on the deal to suggest tougher times may lie ahead for euro issuers.

The phenomenal levels of demand hitting the investment grade corporate bond market were evident again on Tuesday, as German property firm Alstria Office was vindicated in delaying its €500m offering.

Portugal is lining up for its first test of the syndication market since the European Central Bank announced its latest round of monetary easing measures a month ago — measures that have had less effect on Portugal than its periphery peers.

Sunshine Life Insurance Corp has embarked on a roadshow for what would be its debut international offering, while Beijing Automotive Group (BAIC) is seeking approval to raise new debt.

The Asia DCM market opened to a slew of issuance on Tuesday with Singapore duo Olam International and PSA International, Korea National Oil Corp and Japanese lender Mizuho Financial Group looking to tie up their respective dollar transactions.

Technogym, the Italian company that is one of the world’s leading makers of gym equipment, launched an IPO on Monday, on the same day that its private equity backer Arle Capital also set out to float Parques Reunidos in Spain (see Syndicated Loans section).

The remarkable conditions in Europe’s corporate bond market since the European Central Bank trained its quantitative easing firehose on the market were clear again today when Federal Express, the US deliveries group, raised €3bn to finance its purchase of Dutch peer TNT Express.

The Inter-American Development Bank made an early claim on Monday for a spot in this week’s dollar issuance, in what its leads said was a move to ensure it did not add its name to a growing trend for SSA deal clashes.

European Investment Bank is expected to comfortably print a 10 year Earn on Tuesday, but bankers have expressed concern for the prospects of other issuers looking to sell deals in the currency as yields fall to near record lows.