UBS

Hana Bank brought to market what is only the second ever dollar denominated new-style bank capital deal from South Korea on Thursday, September 25. The bank is offering a RegS/144A 10 year bullet tier two issue.

Hong Kong’s Chong Hing Bank managed to navigate a tight issuance window in the week of September 15 to tap the market with what is only the second US dollar denominated AT1 trade from an Asian lender. The $300m perpetual non call five transaction proved to be such a hit with investors that books ended up more than 16x covered, which allowed the lender to shave 25bp off the pricing of its closest comparable.

The Swiss bank is executing on its plans to upgrade its UK business and boost its ranking, writes David Rothnie.

Belgian aluminium products group Corialis has changed pricing and terms set during initial guidance on its €483m acquisition loan.

Dutch insurer ASR Nederland on Wednesday became the first issuer to sell sub debt this week. The issuer suffered from lacklustre demand for a perpetual non-call 10 deal, which some syndicate bankers attributed to the glut of debt issued by Dutch rivals already this year.

Southeast Asia’s largest e-payment firm MOL Global is set to become the first Malaysian company to list in the US, opening books on September 24 for a Nasdaq IPO of $283m.

UBS has brought its futures business under the fixed income umbrella in New York as it continues the move away from principal-based trading to an agency model.

The IPO market in India is coming back to life with state-owned Rashtriya Ispat Nigal Limited (RINL) filing for a listing worth roughly $500m — reviving the deal two years after it shelved its IPO plans.

Roger Naylor and Robert Karofsky will become co-heads of UBS’s global equities business starting in 2015, and replacing Mike Stewart, who has been moved to the Swiss bank’s wealth management division.

Hana Bank has mandated six banks to work on the second US dollar denominated Basel III tier two bond from a South Korean lender with investor meetings scheduled to start on September 22.

Hong Kong’s Chong Hing Bank managed to navigate a tight issuance window this week to tap the market with what is only the second US dollar denominated AT1 trade from an Asian lender. The $300m perpetual non call five transaction proved to be such a hit with investors that books ended up more than 16x covered, which allowed the lender to shave 25bp off its closest comparable.

Institutional investors piled into Nordea’s debut additional tier one issue this week, taking the lion’s share of the order book. The bank’s high capital ratios, distance to trigger and solid reputation drew in a multiple times oversubscription, despite the leads bringing in pricing to the tightest level seen yet on an AT1 deal.