Nomura

Senior bank debt issuance picked up on Wednesday after Citigroup and DVB Bank had re-opened the European market on Tuesday after the European Central Bank's Asset Quality Review.

Rating: Baa1/A-/A-

Ireland's longest dated benchmark in five years is more than twice subscribed, allowing leads to set pricing at the tight end of guidance.

RAC, the UK car recovery breakdown firm, has allocated its £1.25bn refinancing and recapitalisation loan after flexing the facility’s original issue discount in investors' favour.

The Province of Trento’s funding arm Cassa del Trentino came to market early with a long dated medium term note to take advantage of strong performance in Italian government bonds. Meanwhile, Cassa Depositi e Prestiti mandated banks for a roadshow.

Ireland is this week set to price its longest-dated benchmark since its international bailout in 2010. Proceeds, coincidentally, are earmarked to pay off one of its bailout creditors. Fellow eurozone periphery countries Spain and Greece will join Ireland in the market this week with auctions.

For the first time the European Central Bank waded into the primary market for covered bonds for its third purchase programme (CBPP3) this week, as eurozone issuers from the currency bloc’s core and periphery returned after a long hiatus. The central bank’s buying may not be so good for core issuers but the evidence so far suggests peripheral names who have been locked out are about to bask in its largesse.

Korea Expressway pulled its dollar bond before the US open on Monday night after the issuer realised it was not going to achieve its target price. Bankers are frustrated and say that a decent trade could have been done at a higher yield, but the issuer was not willing to pay up.

Korea Expressway Corporation, China Travel Service (CTS) and Tewoo Group are all out in the market with new dollar bonds. The Korean government related issuer (GRI) was last seen in April this year and adds to a relatively busy month for Korean issuers. CTS, on the other hand, has not been in the market since 1996.

Rating: Aaa/AAA/AAA

A pair of borrowers braved dollar issuance this week after volatility in US Treasuries last week led to a pair of undersubscribed deals. But so far the market recovery has taken the shape of a pair of ultra conservative German borrowers at the short end of the curve. Bankers will have to wait until next week to see an issuer test demand in the belly of the curve.

Sovereign, supranational and agency bankers are waiting for a borrower — possibly Sweden — to attempt a benchmark in the belly of the curve to test the strength of sentiment after extreme volatility in US Treasury markets last week led to a pair of undersubscribed deals in dollars.