Nomura
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Three periphery issuers took the limelight in the senior market this week — Banco Espírito Santo, Bank of Ireland and La Caixa all selling euro benchmarks. All three issuers can be pleased with their order books — La Caixa recording hefty demand and Bank of Ireland and BES impressing on quality. -
Getting ahead of international capital requirements and cutting costs early helped Nomura report a solid set of wholesale results on Wednesday. The numbers, according to the bank, reveal its stability in fixed income at a time when its rivals have been less fortunate.
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Bank of Ireland highlighted the rehabilitation of financials from the eurozone's periphery in the eyes of investors on Wednesday by drawing a high quality order book for a new three year benchmark. La Caixa was also in the market with a comfortably oversubscribed three year bond.
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Strong demand from European investors allowed Intralot, the Greek gambling products and services provider, to increase its high yield bond to €250m today and close the books ahead of schedule.
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Japanese bank Nomura Holdings on Wednesday reported its best results in eight years, with a 52% jump in pre-tax profits for the year ending March 31, buoyed by the strong performance of its retail and wholesale arms.
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Bank of Ireland is set to sell its third senior unsecured benchmark since the financial crisis on Wednesday, choosing a three year deal. Meanwhile, La Caixa has drawn a strong response for a euro benchmark senior unsecured of its own.
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Taiwanese banks considering Chinese hotel chain 7 Days Group Holdings’ $300m leveraged loan are demanding an upward revision in fees for underwritten commitments, several sources have told GlobalCapital Asia. The appetite to lend still remains, but overexposure to China names, a fear of defaults and a steep rise in funding costs are backing lenders into a corner, writes Rashmi Kumar.
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Arion Banki's planned euro bond sale — the first such deal from an Icelandic institution since the credit crisis — has got market participants speculating where the deal will price, with some arguing that demanding UK investors will push the spread to 350bp over mid-swaps.
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UK investors are likely to determine the pricing on Arion's upcoming euro deal, according to market participants.
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Woori Bank printed the first US dollar Basel III tier two bond from a South Korean issuer on Wednesday night. A big order book helped the borrower to tighten initial guidance by 30bp, the largest margin for an Asian issuer issuing a Basel III compliant security.
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Woori Bank opened the books for the first dollar denominated Basel III deal from a South Korean bank on Wednesday morning with a 10 year bullet tier two bond.
