Nomura

Nomura has appointed Chee Pin Lee as the head of financial products and solutions for wealth management, Asia ex-Japan, in what is a newly created role at the bank.

Rating: Aaa/AA+/AAA

KfW showed public sector issuers exactly what it takes to get euro investors reaching into their pockets this week — a hefty new issue premium, writes Tessa Wilkie.

Nomura’s cuts to its global markets division have spread further, as senior bankers and traders have returned from holidays to find their positions at risk of redundancy.

Nomura has added its head of flow rates and SSA trading — a veteran of the firm of almost 30 years — to the cuts announced two weeks ago.

There was a tense finish to the Indian government’s Rp93.96bn ($1.42bn) divestment of its stake in Indian Oil Corp (IOC), with books only covered just before the transaction was due to close thanks to late bids from state-owned insurers.

Nomura has put Benedict Nielsen and Simon Deeny at risk of redundancy, as part of the extensive global markets headcount review it started two weeks ago.

Public sector benchmark issuance snapped back after extreme volatility in credit and equity markets early this week, but bankers are concerned about the depth of demand in the currency.

Finland priced a €3bn 10 year deal a day after global markets were rocked by a big sell-off in Chinese equities. But the investor response to the deal had some bankers saying the issuer should have waited.

It was a tense finish for the Indian government’s Rp93.96bn ($1.42bn) sell-down of its stake in Indian Oil Corp (IOC) with books only covered just before the transaction was due to close thanks to late bids from state-owned insurers.

Swedish Export Credit Corporation had to brave turbulent conditions on Friday to wrap up a flurry of dollar benchmarks from public sector issuers this week.

The dollar pipeline for SSAs showed no signs of closing on Thursday, as an agency mandated, a supranational printed, and bankers suggested that next week will be even busier.