JP Morgan

The Japan Bank for International Cooperation priced a 10 year benchmark while the Province of Ontario placed a three year bond on Wednesday. Both issuers impressed bankers away from the trades, coming as they did amid difficult conditions.

Pohjola Bank and NordLB paid slim new issue concessions for five year senior debt on Wednesday, but market participants pointed to the dangers of pushing spreads in too tightly.

South Korea’s Woori Bank sealed a 144A return to the international bond market on January 12. The issuer’s aggressive pricing strategy kept US investors at bay, but it was unavoidable as the borrower wanted cheap funding, said bankers on the deal.

The Asia ex-Japan debt capital market was crowded with dollar issuers on January 13, with two investment grade bonds and two high yield notes opening in the morning.

The European Financial Stability Facility and Nederlandse Waterschapsbank on Tuesday brought euro benchmarks in five and seven year maturities. Now much more at those tenors is expected.

Vedanta Resources has launched a tender offer for a portion of its $1.25bn 5.5% convertible bonds due this year to be executed via a modified Dutch auction method, according to its dealer banks.

General Mills, the US food company, on Monday became the second issuer of the year in the European corporate bond market, printing a €500m floating rate note.

Both KfW and the Council of Europe hit the books in sterling-denominated deals that raised £300m apiece.

Kommuninvest and Oesterreichische Kontrollbank are set to bring deals at the short end of the dollar curve on Tuesday — by which time leads are hoping Monday’s turbulent swap spreads will have calmed.

A bevvy of public sector borrowers are lining up euro deals for Tuesday and beyond — but some are opting to hold back price thoughts amid a cluttered and volatile backdrop.

European Investment Bank rounded off a strong week for Australian dollar issuance from public sector borrowers, printing a five year note on Thursday.

Supranational and agency borrowers have long anticipated a wave of demand from American investors as US government sponsored enterprise issuance dwindles. But this week there were concrete signs that the dollar bond market has shaken off the problems that prevented the big switch. Craig McGlashan reports.