Nomura

A hotly anticipated day of two central bank meetings failed to disrupt another good week for public sector borrowers in the dollar market, although the outcome of one of the meetings could have consequences for demand in the longer term, bankers warned.

Rating: Aaa/AAA

South Korea’s Woori Bank printed a $500m Basel III additional tier one on Tuesday off the back of a modest $850m order book. The notes struggled a little in secondary the following day before rebounding on Thursday, putting the focus on the transaction’s pricing and timing, writes Addison Gong.

South Korea’s Woori Bank printed a $500m Basel III additional tier one offering on Tuesday off the back of a modest $850m order book. Although the notes sold off a little bit in secondary, bankers on the deal reckon the issuer got away with a decent outcome ahead of expected market volatility.

Nordic Investment Bank brought the tightest dollar benchmark from a public sector borrower in over a year on Tuesday, while the State of North Rhine-Westphalia was also able to grind in pricing with a dollar deal of its own.

Woori Bank has set sights on its second dollar-denominated Basel III additional tier one bond, opening books on Tuesday morning. It will be the first South Korean lender to test the bank capital market following a recent rule change on AT1 instruments.

Public sector borrowers are piling into the dollar market at the start of the week, with a US Federal Reserve rate decision on Wednesday likely to shorten the issuance window.

Nomura has added a Turkey specialist to its EM coverage team as it continues to build its EMEA emerging markets platform.

Honma Golf has started taking orders for its HK$1.5bn ($193.3m) listing, while China Merchants Securities Co is set to kick off its IPO next week.

ating: Aaa/AA

A trio of top tier SSA names nipped through a narrow issuance window at the start of the week to launch tightly priced dollar benchmarks.

Telecom hardware company Tejas Networks has returned to the market for a listing, having first proposed an IPO before the financial crisis.