JP Morgan

The Government of Mongolia raised $500m from the international bond market on Tuesday, opting to pay up to compensate investors for its vulnerability to external shocks.

Kia Motors Corp is ready to hit the road for a 144A/Reg S bond that could come to the market as early as mid April.

The Japan Finance Organisation for Municipalities picked banks on Tuesday for a forthcoming dollar deal, while bankers said that the dollar market is likely to shrug off any announcements from a speech by the US Federal Reserve chair later on Tuesday.

The International Finance Corporation is set to extend its green — and conventional — curve with its first 10 year dollar syndication for over 20 years, in what bankers suggest will be the strongest indicator so far for the level of demand returning to the tenor.

The Government of Mongolia is out with a 144A/Reg S bond, more than two months after holding meetings with potential investors. Delayed by a series of negative macro factors, the sovereign is offering an attractive yield when compared with its outstanding notes.

Hong Kong Airlines made a quick return to the international bond market on Wednesday with a $120m tap of its maiden dollar issue from January.

Will euros or dollars dominate SSA bond issuance in the second quarter? Debate over the direction of primary markets broke out this week with issuers scheming arbitrage trades in euros, while others believe the dollars will win out. Craig McGlashan reports.

Standard & Poor’s astonished the equity-linked bond market on Wednesday evening by stripping the equity credit from Vodafone’s £2.9bn mandatory convertibles, issued in February, only a month after assigning the credit. The change knocks away one advantage of the deal for Vodafone and may damage banks’ hopes of replicating it.

Unédic

The UK mid-market for investment banking is facing another round of consolidation after regulatory pressures and a faltering IPO market have wrought havoc on the sector, writes David Rothnie.

Covered bond primary activity slowed this week with just two €500m seven year trades emerging from banks in the Netherlands and Italy.

Senvion, the German wind turbine maker, listed in Frankfurt on Wednesday after a tortuous process that saw the firm’s owners pull its IPO last week, then grudgingly relaunch it just five days later in a shrunken, cheaper format.