Nomura

The euro senior market was off to a quick start on Monday, with Allied Irish Banks and Deutsche Bank opening the market with five and 10 year deals.

RBS has hired Peter Duenas-Brckovich as head of EMEA credit trading.

Iceland’s Arion Bank is set to become the nation’s second bank to hit the euro denominated senior unsecured market since the country’s financial crisis.

Borrowers partied in dollars this week as a lack of supply and an attractive euro/dollar basis swap combined to allow them to print at attractive levels at the short end.

A trio of issuers took advantage of a lack of senior supply this week to price deals with drastically reduced new issue premiums compared to January.

Arion Banki, which last year suspended a planned return to the senior unsecured funding market after investor feedback during a roadshow failed to meet the bank’s expectations, has begun roadshowing again for what would be its first benchmark euro bond.

Inmarsat’s freefloat is now roughly 100%, after KDDI, a Japanese telecoms company, sold its 4.85% stake in a block trade via Nomura on Monday night.

Nationwide and Pohjola Bank broke an almost three week long fast for the euro senior market on Tuesday, setting terms for 10 and seven year benchmarks respectively.

Nomura has closed books on a block trade to sell KDDI’s 4.85% stake in Inmarsat, the UK satellite communications company. The discount is likely to be 5.3%.

The EIB has tapped the largest outstanding green bond in the market and could have created the first negatively yielding primary supply in the format, said SSA bankers.

Lixil, the Japanese company that makes bathroom fittings and other building products, raised ¥120bn (€892m) on Monday by selling two ¥60bn convertible bonds in the international market.

Nomura placed another zero coupon yen convertible bond with non-Japanese investors on Wednesday, this time for Japan Airport Terminal, which operates the passenger terminals at Tokyo’s fast-growing Haneda Airport.