JP Morgan

Scor ended a long hiatus from the euro market on Thursday, selling a perpetual callable subordinated deal to a warm reception. With the issuer only offering a small size, it was able to draw a multiple times oversubscribed book.

Magyar Export-Import Bank has returned to the bond market with a $500m new long five year print. But unlike the borrower's last bond excursion in 2013, the borrower this time opted to proceed without the World Bank's support in the form of a Multilateral Investment Guarantee Agency (Miga) guarantee.

A Basel III landmark was notched up this week as Bank of Communications (BoCom) became the first Chinese bank to issue without the use of an overseas entity. But despite the pioneering nature of the tier two deal, the market’s focus remains firmly on upcoming additional tier one (AT1) issuance, with some investors staying clear of BoCom in preparation for the higher yielding deals, writes Rev Hui.

Kazakhstan is meeting investors for what looks set to be its long awaited return to the market. The sovereign has not issued a bond since 2000 and its comeback has been eagerly anticipated.

Hana Bank brought to market what is only the second ever dollar denominated new-style bank capital deal from South Korea on Thursday, September 25. The bank is offering a RegS/144A 10 year bullet tier two issue.

Semiconductor Manufacturing International Corporation (SMIC) opened books for its debut international bond on Thursday, September 25. The Chinese company was offering investors a RegS/144A five year dollar issue.

Zhejiang Provincial Energy (ZPE) sold the first dollar bond from a provincial level Chinese state owned enterprise on Tuesday. Buoyed by ZPE’s credit strength and Zhejiang province’s strong fiscal position, the three year issue was a hit among investors and sets a solid foundation for the emergence of similar credits in the dollar market, writes Isabella Zhong.

Japanese brewer Suntory Holdings left a solid footprint in the dollar market with its inaugural issue on Wednesday. With books for the RegS/144A $1bn dual tranche issue already covered during Asia trading hours, dealers proceeded to push final pricing 20bp tighter than where investor feedback came in.

China’s Geely Automotive Holdings sold its inaugural international bond on Wednesday. Although the five year non call three dollar issue was more than seven times subscribed, the borrower stuck to a small size to in order to achieve tight pricing.

Orange, the French telecoms company, showed the potential of the hybrid capital market for financing mergers and acquisitions today, when it raised €3bn towards its €3.4bn acquisition of Jazztel, just eight days after announcing the bid. Orange did not use a bridge loan for the deal.

Burgan Bank priced its debut additional tier one (AT1) bond in what bankers on the deal said were challenging conditions on Tuesday. While the point of non-viability (PONV) premium is up for debate, bankers away from the deal said that the deal looked to have been priced fairly.

China’s Geely Automotive Holdings opened books for its inaugural international issue on Wednesday. The car maker is offering a Reg S/144A five year non call three dollar bond.