Nomura

Investors in public sector dollar deals have found themselves forced to accept brutally tight pricing as issuers drive in spreads to round off their funding programmes.

Kia Motors Corp is returning to the international bond market, opening books for a dual-tranche 144A/Reg transaction on Thursday morning.

Italian telecoms firm Wind called on the high yield market on Wednesday, as it planned to refinance most of its debt with a dual currency five tranche offering, deploying 20 bookrunners in the process.

Chinese micro-lender Qudian has bagged $900m from its US listing, after robust demand allowed it to price the stock above the initial range, according to a banker close to the deal.

Four Chinese corporations priced a total of $1.175bn of bonds on Tuesday, the day before the start of the Communist Party’s five-yearly congress.

Three agencies launched short end dollar transactions on Tuesday, two of which managed to pull their spreads into impressively tight levels.

Shandong Marine Group is marketing its inaugural international Reg S bond, while LVGEM (China) Real Estate Investment Company reopened its 2020s priced two months ago to fund new property projects.

Agencies from the Netherlands, France and Germany are set to come to market on Tuesday for short dated dollar deals.

Abu Dhabi Commercial Bank issued a A$400m ($315.5m) triple tranche Kangaroo bond last Friday, following a similar deal from Emirates NBD in late September — a promising sign for prospective GCC banks looking to return to the Australian dollar market.

The noise surrounding a widely cited 72.5% capital output floor, which is the ratio between how EU regulators calculate a bank’s risk model, is just that, according to several industry sources.

Abu Dhabi Commercial Bank is set to come to market for a potential triple tranche kangaroo bond on Friday, following a deal from Emirates NBD that, according to a banker at one of ADCB’s leads, showed the market was still accessible to Middle Eastern borrowers.

A trio of Asian firms listing in the US have received stellar responses to their IPOs, with Qudian, Rise Education and Sea all getting the thumbs-up from investors.