Pre-migration untagged articles

Korea Railroad Corp injected a short burst of energy into the Asian bond market on Tuesday with a quickfire $200m tap of its existing five year bonds, handled by Citi, HSBC and Morgan Stanley. Elsewhere, India's Axis Bank began talking to investors, while Hong Kong lender Wing Hang Bank was pitching various ideas to bond buyers but markets stayed weak, and bankers were doubtful that any more new issues would emerge before a hotly-anticipated Korean sovereign bond next month.

Brewer InBev is set to launch general syndication of its $45bn loan this week. The senior phase — during which banks were asked to stump up $1.75bn — closed recently with about $11bn being raised. That was slightly less than the arrangers originally wanted, but how will the final phase fare?

The five year segment burst into life this week as ING and UBS launched new issues following recent two year supply from both borrowers. ING took its haul to Eu4.5bn in three weeks as it priced a Eu1bn five year, while UBS is talking 165bp-170bp for its deal in the tenor.

Emerging market syndicate bankers are taking a “wait and see” approach to autumn issuance, advising clients to watch the performance of high grade corporate issuers in the September rush. Among the sovereigns, Ukraine and Turkey both need to raise funds in the international market although bankers are adamant that both borrowers will have to give up their price sensitivity if they are to redeem their reputations with bankers and investors. Read EuroWeek on Friday to find out more.

Covered bond issuance plans are this week being frustrated by competition within the market and also from senior unsecured supply, with spreads coming under pressure from both quarters. But that did not stop Münchener Hypothekenbank from pricing a Eu1bn three year public sector Pfandbrief 2bp tighter than last week’s from Bayerische Landesbank. The Swedish sector continues to suffer from congestion. Read EuroWeek this Friday for the latest developments.

Credit Investments News is again looking to take the temperature of the market in its second annual Summer Survey that asks the market anonymously where spreads, OIDs, trading levels and other trends will be heading.

The summer doldrums are upon us. For the few still left in the office, many were making it a three- and in some cases even a four-day weekend, in order to squeeze in a few last rounds of golf.

Total return swaps backed by loans were still getting done in the market by both new entrants and existing traditional loan players.

Michael Poppe, Conn's cfo, on the company's decision to do an asset-based loan instead of tapping the securitization market.

Four US senators have urged the inspector general of the Commodity Futures Trading Commission to investigate an oil market study released by the watchdog, which concluded that the recent record prices were not driven by excessive speculation.

Banks have been unable to issue CP in their desired tenor, as one to three month maturities dominate the European commercial paper market.