Nomura

SC Lowy, the Hong Kong-based investment bank specialising in fixed income, has hired Hussein Nasser as head of European bond trading, with a remit to expand its high yield business.

Woori Bank this week became the first non-Chinese bank to print an additional tier one (AT1) bond in Asia ex-Japan. The Korean lender was able to achieve the lowest coupon globally for an AT1 deal but sparked criticism that it was too aggressive with pricing and risked shutting the bank capital pipeline from the country, writes Narae Kim.

Woori Bank is well underway with what will be the first Basel III additional tier one (AT1) from a non-Chinese bank in Asia ex-Japan. Bankers on the deal officially launched bookbuilding with price guidance on June 3, having collected feedback from investors the previous day on fair value and the best comps.

Banks steered clear of the European bond markets on Monday, as the vast majority of last week’s primary prints languished wide of their re-offer levels.

Credit trading desks at banks have been swept by a tornado of job moves, as financial institutions specialists leave or jump to rival firms in a scramble to survive in a shrinking market.

Two European banks — Nordea and Standard Chartered — issued Samurai bonds this week in an attempt to diversify their funding sources.

The Republic of Korea has mandated two banks for a credit update with bond investors in London next week.

A Nordic agency is set to tackle the 10 year part of the dollar curve — a tenor SSAs have largely shunned so far in May.

The public sector borrower market is enjoying stability after weeks of turbulence, with a pair of issuers trebling the number of euro benchmarks so far this month.

Two public sector borrowers have picked banks to run dollar deals on Wednesday — and even more deals could follow, said SSA bankers.

Euros are back on the menu for FIG investors after Swedbank and Rabobank Nederland stormed the senior market on Thursday. Bankers are now looking forward to a string of deals next week.

Nomura has lost a managing director from its FIG DCM team, GlobalCapital understands.