Nomura

KEB Hana Bank battled choppy markets with its first international outing after its merger. As volatility heightened during bookbuilding, the lender opted to scale back the size of the deal in exchange for tighter pricing.

South Korea’s KEB Hana Bank has gone live with the first international bond since its merger, launching a dollar deal on Wednesday morning.

Bank Nederlandse Gemeenten (BNG) is the first SSA borrower this week to brave the dollar bond market as tricky conditions in other markets make life tough for issuers.

Hong Kong’s Hsin Chong Construction Group managed to get a difficult $150m bond away this week, braving volatile markets with a two-day execution and private bank backing.

A strong start to public sector dollar issuance in 2016 fell away this week, as volatile swap spreads returned and worries over the health of the Chinese economy made printing further along the curve difficult.

A trio of Spanish issuers launched the first covered bonds of the year from southern Europe this week but, with peripheral spreads widening sharply, conditions are not conducive to further supply.

The Japan Bank for International Cooperation priced a 10 year benchmark while the Province of Ontario placed a three year bond on Wednesday. Both issuers impressed bankers away from the trades, coming as they did amid difficult conditions.

Nationwide Building Society has continued its funding surge into 2016, offering sterling investors a rare chance to pick up long dated senior unsecured paper from a UK lender.

Hotel Lotte could raise as much as $5bn from its IPO, expected as early as March, and land the title of the largest ever listing in South Korea in the process, according to market sources.

The Asia ex-Japan debt capital market was crowded with dollar issuers on January 13, with two investment grade bonds and two high yield notes opening in the morning.

Investors barely charged Mediobanca and Royal Bank of Canada on Tuesday for printing new five year senior bonds.

Kommuninvest and Oesterreichische Kontrollbank are set to bring deals at the short end of the dollar curve on Tuesday — by which time leads are hoping Monday’s turbulent swap spreads will have calmed.