JP Morgan

A window for sovereign, supranational and agency issuance opened after the Federal Open Market Committee (FOMC) meeting on Wednesday, with deals likely to get done before the inevitable slowdown accompanying the start of the Chinese new year on February 8.

Cigar and pipe tobacco manufacturer Scandinavian Tobacco has set the price range for its all-secondary IPO at a “very considerable discount” to comparables, according to a banker on the deal.

Asian Development Bank was first out of the blocks in dollars after issuance in the currency stopped for a Federal Open Market Committee (FOMC) meeting on Wednesday.

China Railway Rolling Stock Corp hit the equity-linked market this week for $600m, becoming only the second firm to print an H-share CB in Asia since 2007. The deal, which follows a similar issue from a Chinese peer earlier this month, has set in motion the transition from a rare deal type into a regular funding option.

Postal Savings Bank of China has selected five banks to lead its jumbo $15bn IPO, which is set to become the largest listing in Hong Kong in five years.

China Development Bank (CDB) reopened a dual-currency transaction on Wednesday, bagging a $2bn equivalent from the euro and dollar tap. With strong demand from onshore investors, the policy lender was able to cut cost while raising more than the size of the original bond.

Shareholders of National Australia Bank, the owner of Clydesdale and Yorkshire Bank Group, have voted to separate NAB and CYBG as a final nudge for the UK institution before it is due to float early next week.

Mexico-headquartered home appliances company Controladora Mabe is offering bondholders a fee to enable Chinese group Qindao Haier to buy General Electric’s share in the borrower.

Public sector borrowers are hitting several parts of the euro curve, with dollar issuance all but dried up before the US Federal Reserve announces later on Wednesday the outcome of its Federal Open Markets Committee meeting.

While some prospective issuers are still busy building their IPO books, and CYBG’s offering is oversubscribed, the cancellation of a deal on Tuesday spoke volumes about the difficulty of doing deals in a equity capital market.

Postal Savings Bank of China has picked five banks to lead its listing, which could raise as much as $15bn to become the largest IPO in Hong Kong in five years.

The Asian market finally saw some signs of activity on Wednesday with China Development Bank and Vista Land & Landscapes opening taps for their respective dollar bonds.