Nomura

Korea Expressway Corp snapped up $400m on a busy Tuesday that saw eight bonds marketed in Asia ex-Japan. Although floating rate notes are gaining popularity in a rising rate environment, the region’s bond market will continue to be focused on fixed rate deals, reckoned market participants.

Wobbles in eurozone government bond secondaries this week failed to deter a strong showing from a pair of public sector issuers in primary on Tuesday. Unédic found strong demand and tightened from guidance on its longest dated benchmark ever, while Austria broke a series of records with a 10 year euro benchmark.

Nomura’s head of EM credit sales has left the bank, according to sources.

The pace of borrowing has slackened for public sector borrowers as Easter approaches but a few are still out hunting for second quarter funding.

Korea Expressway Corp joined the flurry of bond launches in Asia on Tuesday, marketing a three year floating rate dollar note.

Unédic and Austria have announced that they will sell euro benchmarks at the long end of the curve on Tuesday.

Rating: Aaa/AAA

International Finance Corporation is set to launch a new 10 year Kangaroo bond.

The dollar market was on spectacular form on Wednesday, with a Canadian province pushing out a rare 10 year bond, a supranational smashing its size record and a $4bn five year from a German agency.

SR Boligkreditt has issued its first Reg S dollar covered bond, and though the book was slow to build the issuer found enough demand to ensure the deal was eligible for bank liquidity portfolios in the liquidity coverage ratio (LCR).

Public sector borrowers are lining up a three pronged attack on Wednesday in a dollar market that is enjoying its widest swap spreads of the year. Quebec is attempting the first 10 year dollar benchmark since the first week of the year, KfW is out in fives — a part of the curve that has also become attractive in euros — and the Inter-American Development Bank is coming at the short end.

Korea Expressway Corp and JSW Steel have mandated banks for new international dollar deals as the first quarter draws to a close.