UBS

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.

ABH Financial, the holding company of Russian private bank Alfa Bank, is planning a one year European commercial paper issue this week via UBS, according to three bankers away from the deal. The note’s size is capped at $100m.

Indonesian taxi operator Blue Bird Group has revived plans for an IPO worth around $400m and started pre-marketing the deal to investors on Thursday, September 18. The deal comes almost one year after the company delayed its listing plans when it failed to get the green light from the country’s regulator.

Chong Hing Bank’s $300m additional tier one (AT1) bank capital issue is attracting plenty of attention from fixed income investors, with bids crossing the $500m mark just 90 minutes after books opened at 9am on September 18.

Indonesia’s Kawasan Industri Jababeka completed an exchange offer for its outstanding 2017s on Wednesday. At the same time, the industrial estate developer also issued a new $190m five year non call three bond. Buoyed by strong demand for Indonesia, the deal was very well received and closed in two hours.

Nordea burst into the additional tier one market on Tuesday with its debut deal, a dual tranche dollar print. The issuer was able to draw a multiple times subscribed order book despite securing the lowest coupon yet in the format.

Indonesia’s Kawasan Industri Jababeka launched a five year non call three dollar bond on Wednesday. The issue features alongside an exchange offer by the industrial estate developer for its existing 11.75% 2017s.

Diageo, the UK alcoholic drinks group, was named by research firm CreditSights last week as one of the European consumer goods companies most exposed to risk from the Scottish independence referendum.