Société Générale

DP World shook off turbulent markets on Tuesday to take a $3bn book for its $500m trade. While the borrower may have been pushed to issue to avoid blackout, pricing still came inside the borrower’s existing curve.

Belfius Bank is now the sixth bank in the capital deal pipeline, and there is growing concern that persistent rates volatility will make it hard for them to avoid running into each other in the primary market.

DP World’s $500m no-grow five year bond is already seven times subscribed. Price guidance has been tightened to 160bp over mid-swaps, plus or minus 5bp.

Korea Development Bank has made a bold return to dollar bonds in a deal that bankers claim scored one of the tightest ever spreads for a Korean name. The pricing drew plenty of criticism, but the deal’s defenders are hailing the trade as a success, preferring to focus on the quality of the order book.

DP World, the Dubai-based global container ports operator, has released price guidance for a dollar benchmark five year bond at 180bp over mid-swaps.

Korea Development Bank (KDB) is out in the international debt market this week, hoping to receive better reception than its last dollar bond in September 2014.

Société Générale Corporate & Investment Banking has unveiled new senior appointments in Asia. The internal moves come after the announcement of a new structure for its global markets businesses last week.

Swiss cement maker Holcim is in a stand-off with its relationship banks over whether it can receive negative interest payments on its Swiss franc revolving credit facility, amid deeply negative interest rates, writes Elly Whittaker.

Haniel achieved on Wednesday evening a combined sale of Metro shares and notes exchangeable into Metro shares, in an overnight deal that totalled just under €1bn and tapped heavily into Europe’s increasing trend toward negative yields.

Bankers are preparing the ground for the first Turkish covered bond with Akbank and Garanti Bank lining up for issuance. Pricing for both will be wide of the sovereign and the banks are preparing extensive investor roadshows. While funding officials are confident that the bonds will sell well, syndicate bankers question whether they will find a substantial buyer base.

Haniel launched on Wednesday evening a combined sale of Metro shares and notes exchangeable into Metro shares, in an overnight deal that could total €1bn and was set to tap heavily into Europe’s increasing trend toward negative yields.

Spain is likely to pay higher borrowing costs than at any point this year at an auction on Thursday, as a volatile period for eurozone government bonds rumbles on from last week.