Nomura

A smaller than typical seven year euro benchmark for KfW on Tuesday underlined how difficult execution in euros has become for public sector borrowers.

A trio of SSA issuers are set to pepper the euro curve on Tuesday, despite waves of volatility engulfing the market over the past few weeks.

Universal Medical Services & Health Management Company began gauging demand on June 12 for its $500m IPO in Hong Kong, which is seeing strong interest from investors looking to become cornerstones.

Borrowers in the sovereign, supranational and agency sector could find their funding plans rocked by whipsawing government bond yields for months to come.

Skandinaviska Enskilda Banken (SEB) and Swedish Covered Bond Corp (SCBC) issued covered bonds of almost identical credit standing this week, but with very different outcomes.

Euro high yield investors on Thursday had more than €1.8bn of bonds to consider and two more tranches in euros whose final sizes were yet to be set — New Look, the UK fashion retailer, being at the forefront with the largest offering.

Nomura has hired Bank of America Merrill Lynch’s Albert Leung to serve as a Northeast Asia rates strategist.

Public sector bond markets are under threat from violent price moves and low liquidity for months to come, warned SSA bankers, after government bonds sold off sharply on Wednesday.

Inter-American Development Bank and KfW have got away with pricing dollar benchmarks of identical tenors on the same day although neither borrower tightened pricing from the initial price thoughts level.

A pair of issuers hit screens on Monday with five year mandates in dollars — and with initial price thoughts within a couple of basis points of one another.

New Look, the UK fashion retailer, will begin a roadshow on Tuesday for a £1.2bn-equivalent high yield bond issue to redeem all its bonds and repay its PIK notes after being acquired by Brait, the investment firm.

Two Japanese companies joined in the active convertible new issue market this week: condominium developer Iida Group and Edion, an electricals and electronics retail chain.