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Rating: Ba1 (subordinated), Baa3/BBB- (senior) Amount: $200m lower tier two capital

KorAm Bank and Industrial Bank of Korea (IBK) opened up the pipeline of Korean bank deals this week by launching two contrasting issues within a day of each other. The two borrowers adopted different strategies in launching the deals. KorAm Bank relied on domestic demand to prop up its Reg S 10 year subordinated bond issue. IBK looked to international investor demand for a new $500m three year benchmark Reg S transaction.

The successful completion of the Korea Development Bank deal and the close of the KorAm Bank facility (see below) are being watched by a number of other Korean banks. Hana Bank is inviting banks into a $200m fundraising, and Kookmin Bank and Kexim Bank are looking for $300m credits. Pricing is likely to be benchmarked against the recent Korea Development Bank deal. However, with the simultaneous launch of these loans, borrowers will have to pay up to attract interest. Market observers believe that the launch of the facilities will be staggered to prevent conflict.

Rating: Aa3/AA/AA Amount: Nkr200m

Rating: Aa3/AA/AA Amount: Nkr300m

Rating: Aa2/AA- Amount: Eu750m

Rating: Aa- Amount: Eu1bn

Dutch insurer Aegon gave a welcome boost to the equity capital markets this week when it completed a Eu3.5bn issue, the largest deal this year and the second largest accelerated bookbuild ever in Europe.

Dutch insurer Aegon gave a welcome boost to the equity capital markets this week when it completed a Eu3.5bn issue, the largest deal this year and the second largest accelerated bookbuild ever in Europe.

Italian municipal utility AEM Torino will make a decision on a planned capital increase in October, according to Italian bankers yesterday (Thursday). The utility's chief executive Franco Reviglio said in a conference call on Wednesday that the company was planning to raise new equity to finance a Eu750m plan to develop electricity generation.

Amount: A$900m Legal maturity: September 10, 2035

The relaunch of the A$890m project financing for Australian Magnesium Corp was executed this week by arrangers ABN Amro, ANZ Investment Bank, JP Morgan and WestLB. The transaction was initially postponed when the accompanying equity offering was delayed in the wake of the September 11 terrorist attacks last year.