UBS

Nordea is set to sell its debut additional tier one print on Tuesday afternoon, just the second deal in the format to carry a pair of investment grade ratings. While some bankers away from the trade have suggested the deal came with overly generous initial price thoughts, the level is expected to tighten on Tuesday afternoon.

Hong Kong’s Sun Hung Kai (SHK) raised HK$1.008bn ($130m) through a top-up share placement on Friday, in a deal that saw demand worth more than $200m come in from investors.

Hong Kong’s Chong Hing Bank will be meeting investors this week for a proposed additional tier one (AT1) bank capital issue. If successful, the deal would be not only Asia’s second dollar Basel III AT1 transaction but also the borrower’s first international issue in almost four years.

Hong Kong’s Sun Hung Kai (SHK) opened books at midday on Friday, September 12 for a HK$1.024bn ($132m) top-up share placement, with wall-crossing efforts by the bookrunners over the week leading to the deal launching fully covered.

United Overseas Bank (UOB) made a return to the dollar market on Thursday, pricing a $500m 5.5 year issue. It was the Singaporean borrower’s first issue of dollar senior notes in more than two years and that fuelled investor appetite despite the presence of similar supply in the market.

The US FIG market returned to normality after the deluge of the previous week’s supply subsided.

Aareal Bank capitalised on the momentum created by the two successful French deals issued through mid-swaps on Monday and Tuesday by bringing forward plans to issue a euro-denominated Pfandbrief. It opened books on a three year deal on Wednesday rather than waiting until next week.

Metropolitan Life hit screens with a trio of senior unsecured deals on Wednesday morning, looking to print in euros, Australian dollars and Swiss francs. Strong appetite for insurance company paper helped assure it of a warm reception for its euro and Aussie deals, with the francs yet to conclude.

Poland made a rare visit to the Swiss franc market this week, printing a seven year bond — its first issue in the currency since 2012 — that offered no concession to its Swiss franc curve. Despite this, bankers are not preparing for a rush of sovereign, supranational or agency issuance in the currency in the coming weeks as issuers can fund at very attractive levels in euros and moves in the euro/Swiss franc basis swap are stymieing issuance opportunities for euro-funders.

Allianz continued a strong run of deals for insurers on Thursday, drawing a large order book for a perpetual trade. Attractive levels compared to bank bonds are driving the trades, according to syndicate managers.

The investment grade market was a story of the haves and have-nots as investors showed signs of fatigue amid a deluge of supply.

Powerlong Real Estate Holdings finally succeeded in tapping the dim sum market this week, raising Rmb1.5bn ($244m) via a 10.75% 2017 note on September 10. This was the issuer’s second attempt at a bond this year, having failed to price one in January.