Nomura

A diverse group of issuers headed to the dollar debt market on Tuesday, with a Chinese local government financing vehicle, a Singaporean real estate firm and a South Korean telephone company vying for investor attention.

ING has appointed Greg Arkus as its new UK head of financial institutions.

Rating: Aaa/AAA

UK investors eager for North American exposure rushed to buy into Melrose Industries on Wednesday, pushing its shares up 46%, after it announced a heavily dilutive £1.655bn rights issue to finance the acquisition of Nortek, a US maker of heating and air conditioning systems.

Stuart Tait has been named HSBC’s new regional head of commercial banking, Asia Pacific, replacing Paul Skelton who has decided to leave the firm to pursue other opportunities.

Two South Korean banks, Woori and Busan, are preparing for investor meetings next week as they both line up bond issues.

A pair of bumper dollar deals from top-tier borrowers reopened the SSA benchmark market on Wednesday after a two-week hiatus, drawing something of a line under a period of market uncertainty.

Melrose Industries, the UK company that aims to buy, improve and sell underperforming industrial businesses, will conduct a heavily dilutive £1.655bn rights issue, cheering equity capital markets bankers who had feared months of weak activity, especially in the UK, after the shock of the Brexit referendum.

With the hree new issues in the market this week progressing well, the SSA market seems to have put Brexit chaos in the past and returned to business as usual.

South Korea’s Woori Bank is set to meet investors for its second dollar-denominated Basel III additional tier one bond.

China Resources Beer (Holdings) Co is preparing a jumbo rights issue, aiming for a size of HK$9.5bn ($1.2bn).

Nederlandse Waterschapsbank will tomorrow print the first benchmark since the UK shocked markets with a vote to leave the European Union on June 23.