Nomura

FIG bankers became steadily more concerned about supply prospects this week as stability in European rates looked far off.

Nomura looks set to lose the head of its emerging market rates business in London as well as a senior trader, say market sources.

Greece’s fudged payment to the IMF and a resumed rates sell-off has bankers already writing the week off in euros, but Pohjola Bank has shown issuers an escape route in sterling.

It was a case of second time’s a charm for Brightoil Petroleum, with the issuer raising HK$1.30bn ($167.50m) from a top-up placement after its first attempt two months ago flopped.

Execution risk has been pushed sky high in bank capital after NordLB, a German bank, was forced to pull an additional tier one print on Thursday, writes Tom Porter.

NordLB put its debut additional tier one print on ice on Thursday morning, with a sharp sell-off in AT1 paper causing the leads to postpone the deal.

Brightoil Petroleum is making a second attempt at raising funds via a top-up placement of shares, opening bookbuilding for a HK$1.046bn ($135m) deal on the evening of May 7. The company has taken a different tack this time round, launching a bigger deal with not only a fixed price but with also just one bookrunner at the helm.

Puradelta Lestari has opened books on its Rph3.79tr ($293.28m) IPO in Indonesia, kicking off its second attempt. A shaky market could again rear its ugly head but bankers are feeling more assured this time around after the issuer agreed to a hefty discount.

Banco Popolare’s window of issuance for the tier two deal it has been roadshowing has closed, with the issuer set to avoid the primary market ahead of reporting earnings.

Europe's low yield environment has prompted a dramatic increase in Chinese issuers printing euro bonds this year. And with Beijing Enterprises and Yuexiu Transport Infrastructure raising a combined €700 ($772m) on April 29, observers are confident this trend is only about to get stronger.

FMS Wertmanagement surprised dealers on Wednesday by mandating for its first Kangaroo bond in more than three years.

Chinese toll road operator Yuexiu Transport Infrastructure is letting Asian investors have the first look of its inaugural euro bond, opening books to a three year offering in the morning of April 29.