Nomura

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.

Several of Europe’s IPOs moved forward today, with coverage and pricing updates and the launches of bookbuilds.

Nomura has cut up to 30 jobs in its Asia ex-Japan equities unit amid a wider shake up in its overseas operations, with personnel leaving across cash equity, research and equity syndicate.

Kia Motors Corp had a stellar response to its first dollar outing in almost five years, selling a dual-tranche bond on the back of what bankers say was one of the biggest order books achieved by a South Korean issuer. The combination of the strength of Kia's credit and its rarity value proved to be a winning recipe.

The primary covered bond market was active this week with as many as seven issuers raising more than €6bn, including the longest deal in over a year and a debut borrower in euros.

Nomura plans to close most of its equity operations in Europe, shutting down origination, research, sales and equity derivatives. But it will maintain a sales force focussed on bringing Asian products to European clients.

A lack of high quality M&A talent, and the need for a quick fix, is driving a new wave of recruitment by big banks, writes David Rothnie.

China’s Orient Securities Co is set to test market appetite for brokerages as it tees up a Hong Kong IPO of as much as $1.5bn. Its filing with the exchange comes at a time when the market environment for the sector looks good amid a broader improvement in sentiment, write Jonathan Breen and John Loh.

South Korea’s Kia Motors Corp has started taking orders for a 144A/Reg S deal, which is split between a five year and a 10 year tranche.

Nomura’s restructuring of its overseas activities has led to several senior directors in leveraged finance in both the US and Europe leaving the bank this week.

Nomura announced on Tuesday that it was joining the investment bank restructuring party, with deep staffing cuts and the closure of several business lines in London and the US.