UBS

A pair of Asian agencies have tackled the long end in dollars, but despite attracting big order books and setting spreads at the tight end of guidance, bankers stressed the deals should not be taken as a sign that the dollar market is back to full strength.

Asian bond issuers have finally decided to venture back into the market with a trio of investment grade names opening books to dollar deals. Export-Import Bank of China (Chexim), Shanghai Pudong Development Bank and Korea Development Bank are vying for attention in the first test of investor demand in three weeks.

Prabhat Dairy limped over the finish line with its IPO, with the Indian producer of milk and dairy products pricing the deal at the bottom of the range after being forced to extend bookbuilding and drastically slashing price guidance.

After the first week of proper business in European equity capital markets since the August shutdown, the early signs are good: investors are open to buying new deals.

Rarity value ensured strong demand for Bank of Nova Scotia’s return to the Swiss franc market in a week that also saw local insurer Helvetia continue its series of successful hybrid placements.

Covered bonds proved their worth this week as, despite difficult market conditions, 10 borrowers were able to collectively raise more than €8bn at levels that looked attractive compared to senior unsecured financials.

IPO bankers are treading cautiously around two of the post-summer season’s most highly anticipated trades in Hong Kong, after a global sell-off in stocks sent investors packing and clouded the outlook on shares sales with China links.

Banque Fédérative du Crédit Mutuel opened the euro tier two market for a long list of names, as bankers sit on a pipeline that some say contains more than 20 transactions.

Ontario Teachers' Pension Plan is selling a Dkr2.5bn (€335m) block of shares in ISS, the Danish cleaning and facility services company, on Wednesday night, in the first accelerated bookbuild of European shares so far this week.

Cigarette maker Philip Morris flagged off pre-deal investor education for an up to Rph26.70tr ($1.92bn) follow-on transaction in its Indonesian subsidiary HM Sampoerna on September 2, with the process set to run for two weeks.

Banque Fédérative du Crédit Mutuel has burst back into the market shortly after a summer blackout, raising €600m with a spree of floating rate medium term notes.

Financing for three rival bids to acquire Tesco’s South Korean asset Homeplus feature a senior-junior split, according to market sources. One of the contenders is also said to have secured a letter of commitment from a local pension fund, considered unusual as such funds usually throw their weight behind bidders once they have emerged as the winner.