Nomura

SBI Cards and Payments Services has priced its Rp103.4bn ($1.4bn) IPO at the top of the range and was allocating the stock to investors on Wednesday.

Banks have started splitting up trading teams across locations, while many of those working in the capital markets have been stuck at home. This has caused a couple of hiccups and worries but some wonder if it will lead to a shift in attitudes about meetings and work flexibility once coronavirus passes.

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It was a mixed picture in the dollar public sector bond market on Thursday. A Norwegian agency was able to tighten the spread of its five year fixed rate trade on the back of a well subscribed order book. But a supranational was not able to achieve the same momentum for an intraday three year Sofr-linked floating rate note.

SBI Cards and Payment Services was riding high on Thursday after a rush of institutional investor demand pushed its billion-dollar IPO through a coronavirus-driven slump in local and global markets this week. Jonathan Breen reports.

The World Bank has surprised onlookers with a five year benchmark bond, printed into the teeth of the volatility caused by Covid-19 and an emergency rate cut from the Federal Reserve. The successful deal from the supranational has emboldened an agency to follow suit, with others expected to follow.

LVGEM (China) Real Estate Investment Co raised $450m as part of a new money and exchange offer on Tuesday. The borrower opted for an exchange offer on its old 2020 bond as a way of reducing the impact of recent volatility.

World Bank surprised some market participants by announcing a five year dollar benchmark shortly after the Federal Reserve slashed rates in response to the Covid-19 coronavirus outbreak, but before the details of the Fed's plans were unveiled at a press conference.

Nomura has established a strategic partnership with Indonesian brokerage Verdhana to boost its equities execution and research in the country.

SBI Cards and Payments Services has kicked off its up to Rp103.4bn ($1.4bn) IPO, with over one quarter of the deal subscribed by anchor investors.

Nomura's head of sovereign, supranational and agency, covered bonds and financials trading has left the bank.

SBI Cards and Payments Services, a State Bank of India subsidiary, set the final price range for its IPO, putting proceeds of up to Rp103.5bn ($1.44bn) in reach for when it launches the deal next week.