Nomura

Uncertainty regarding the outcome of the US Federal Open Market Committee’s (FOMC) meeting in June drove public sector borrowers to target the short end of the dollar curve this week, said bankers.

Public sector issuers are printing at the short end of the dollar curve, a tactic they are likely to stick to in the build-up to the next US Federal Reserve rate decision on June 15, said bankers.

A weaker than expected set of non-farm payroll data last week did little to deter issuers on Monday as a pair of borrowers awarded mandates.

A new electronic platform for private placements launched this week has interest from 17 dealers and 18 issuers, according to the initiative’s chief executive Pieter van Dyck.

Nomura announced details of its new strategy at its investor day in Tokyo on Tuesday, confirming its plans to cut its equity business in EMEA, embark on a cost cutting drive in Americas, but shore up its regional presence in Asia outside Japan.

The recent run of good news on IPOs was broken on Wednesday when Telepizza made a dire debut on Bolsa Madrid after its €550m flotation, priced on Tuesday.

Belgium is set to bring a private dabbling in ultra-long debt issuance into the public sphere, as it mandated on Wednesday for a debut 50 year euro benchmark a week after placing its second 100 year medium term note.

Rohan Lamba, an executive director in Nomura’s Asia ex-Japan equity capital markets desk in Hong Kong, is leaving at the end of April, said sources close to the situation.

Vallourec’s €480m rescue rights issue is heading for a successful conclusion on Friday April 22, bankers working on it said this week.

Agencies could be ready to enter the dim sum MTN market which, in contrast with the silent public market, is in good health.

Covered bond activity slowed this week with only three deals emerging, half the number seen in the prior week, with Canadian issuers at the fore.

Nomura has joined the growing list of banks that have slimmed down their Asia ex-Japan equities businesses, after making up to 30 people redundant across cash equity, research and syndicate.