Search results for

n Hana Bank looks likely to become the first Korean bank to launch a hybrid tier one preferred securities issue, following the release of guidelines by the Korean authorities in mid-November. Bankers hope it will herald a rush by the Korean banks to boost their capital adequacy. Barclays Capital and JP Morgan are lead managing the $300m perpetual issue which has a 10 year call option. The Reg S Eurobonds are issued indirectly by Hana Bank through Hana Bank Funding (Caymans). They should be priced on Monday, following roadshows this week in Hong Kong, Singapore and London and the delay of a holiday in Singapore today (Friday).

Korean issues continued to dominate the Asian debt capital markets this week with a $300m offering from Kookmin Bank. Two more deals - for Hana Bank and Korea Western Power - are expected to be priced on Monday.

Amount: Eu1bn Legal maturity: December 15, 2035

Wasn't it Willie Sutton who, when asked why he robbed banks, replied: "Because that's where the money is!" Of course Willie was right, although anyone holding up a branch of Credit Suisse or HVB this week might be told that there's nothing in the till. But time has moved on since the days of Willie Sutton and Bonnie and Clyde. The latest wheeze to get rich without having to work too hard is to be an executive assistant to a high-rolling investment banker or Euromarketeer.

Compiled by: Richard Favis RBC Capital Markets

French borrowers dominated the euro market as trading picked up from last week's levels. They issued 15 notes totalling almost $1bn. CDC IXIS Capital Markets was the busiest name, closing four trades totalling Eu40m. One for Eu10m, lead managed by Morgan Stanley, pays an annual coupon of 5.2% and matures in 15 years. Entenial's Eu200m note is fungible from payment date with a Eu300m issue launched on March 20. The new deal pays a coupon of 15bp over three month Euribor and was lead managed by Crédit Agricole Indosuez. Banque Fédérative du Crédit Mutuel's Eu250m trade was the largest French deal of the week. The note pays a first coupon of 6.5% and matures in July 2013.

Trading in dollars continued apace this week. A slight dip in the number of trades was understandable given the Thanksgiving break. Supranationals issued almost $350m from five trades. Nordic Investment Bank's $196m 10 year note was the largest deal from this sector. The Uridashi bond was placed by UFJ International and pays a semi-annual coupon of 0.5%.

The high level of issuance at the end of November continued into December as 374 trades were closed over the past seven days. Yen accounted for over 35% of all notes issued. Australian borrowers were the most active issuer nationality, but this was almost solely down to New South Wales Treasury, which issued 15 trades. The largest of these deals was for ¥3.8bn and goes out 20 years. The note pays an annual coupon of 3.5%. Export Finance & Insurance Corp was the other active Aussie name. The borrower closed a ¥1bn note that settles in January 2023.

Kelly Martin has left Merrill Lynch following the firm's plan to combine his international private client group with its US sister operation, to create a new organisation called global private client group (GPC). For Martin, 43, the restructuring brings an end to 21 years with Merrill. Having joined the firm as a bond trader in 1981, Martin went on to run equity sales and trading for Europe before he was promoted to chief operating officer of the investment banking group.

Rating: Baa1/BBB+/A Amount: $500m

Guarantor: MDM Holding Gmbh Rating: B1/B-/B

MDM Bank has shown that there is still investor appetite for the right Russian banking sector names with a tightly priced $125m 10.75% three-year debut Eurobond. Although the deal was substantially oversubscribed at the original price talk level of 10.875% yield, MDM was determined to get the best pricing possible.