JP Morgan

Book sizes for Tuesday’s offerings of senior fixed rate deals have fallen sharply, compared to the unusually swollen orders placed for new issues in recent days, but the market is still steaming ahead.

State-owned coal supplier China Shenhua Energy is making its first foray into the international debt market in style by opening books to an ambitious triple tranche offering on January 13.

Export Import Bank of Korea (Kexim) staged a successful return to the international debt market on Monday, January 12, selling a SEC registered dual tranche deal that drew over $6bn of demand. Amid high levels of volatility seen since the start of the new year, bankers carefully chose a good window for the Korean issuer, who achieved both its size and pricing goals.

After the extraordinary fireworks of Santander’s €7.5bn block trade on Thursday January 8, the year’s more workaday business in European equity capital markets began in earnest on Monday, as five IPOs were launched.

Gecina, the French real estate investment trust, issued a €500m 10 year bond on Monday, attracting a vast order book and paying a small new issue premium.

A week before the European Central Bank is expected to announce a programme of quantitative easing and Greece elects its next president, investors are loading up on senior unsecured paper from top names in FIG, and being paid big new issue premiums. Investors are demanding more in part because of fears of volatility in coming weeks stemming from the ECB and Greece, bankers said.

Malakoff plans to start meeting potential cornerstone investors next week for its more than $1bn IPO in Malaysia, setting in motion a long-awaited spin-off from its parent MMC.

Export Import Bank of Korea (Kexim) was back in the international debt market on January 12, opening books to a SEC-registered dual tranche benchmark transaction that is split between a five year and a 10 year.

Sumitomo Mitsui Banking Corporation (SMBC) made its return to the offshore debt market on Thursday, January 8, raising a total of $2.25bn through a triple tranche dollar bond that attracted strong demand from investors and allowed bankers to price the deal flat to the borrower’s existing curve.

HDFC Bank is moving ahead with plans to raise Rs100bn ($1.58bn) in a bid to improve its capital position, after it picked four banks to lead the share sale.

Cross-border bond markets remain effectively shut to Brazilian issuers until there is more clarification on the Petrobras corruption investigation, said DCM bankers this week as construction firm OAS missed a bond payment as a direct result of what is being called the car wash scandal.

Tele Columbus, the German cable provider, is finding strong interest in its IPO, the first launched by a European company in 2015.