UBS

UBS sold the first euro denominated senior unsecured new issue from a bank since July on Wednesday afternoon, a dual tranche print. The issuer drew in a bumper order book with what bankers away from the deal described as generous new issue premiums before tightening the spreads in to price in line with fair value.

The additional tier one deal pipeline may have shuddered back into life earlier than expected this week as two banks announced roadshows following a rally inspired by inspired by dovish comments from European Central Bank president Mario Draghi. But volatility has since set back into the market and looks ready to test the asset class’s hardiness, writes Graham Bippart.

A €500m covered bond tap from National Australia Bank this week attracted unexpectedly vigorous interest from European bank investors on speculation that, despite coming from outside the European Economic Area (EEA), it will be eligible for inclusion in liquidity buffers. The deal will have been closely watched by other non-EEA issuers wanting to take advantage of demand before final regulatory guidelines are published at the end of September.

Concerns that there would be a dearth of additional tier one (AT1) deals ahead of the European Central Bank’s Asset Quality Review appear to be receding as Santander joins the pipeline, mandating leads for its second euro denominated AT1.

Bumi Armada’s biggest shareholder, Objektif Bersatu, has raised MR636.4m ($202.1m) by selling a 7% stake in the Malaysian company. Launched on the back of news of an upcoming rights issue, the block came with a fixed price to ensure the final deal size could increase with demand.

UBS listed Tuesday on the Frankfurt and Stuttgart stock exchanges a new tracker certificate that uses a Solactive hedge fund index as the underlying.

UBS is set to sell the first euro denominated senior unsecured new issue from a bank since July on Wednesday afternoon. Generous new issue premiums are likely to lure in plenty of interest for the bank’s two and seven year bonds, according to syndicate managers away from the deal.

Malaysia’s Bumi Armada set the price for its upcoming rights issue on Wednesday, though a date for the transaction is still up in the air. In response, the company’s largest shareholder launched a block deal in order to fund its take up of the right issue.

India looks set to add as much as Rp180bn ($2.97bn) to its coffers after mandating five banks to arrange a 5% stake sale in the country’s second largest listed entity – Oil and Natural Gas Corporation (ONGC).

Southeast Asia’s largest e-payment company, MOL Global, started the premarketing process for a $300m Nasdaq IPO on August 25 as it looks to become the first Malaysian firm to list in the US.

Origin Energy has named Barclays, Goldman Sachs and UBS as lead banks in preparation for a five day roadshow across Europe and Asia for a possible hybrid capital issue.

UBS and Wells Fargo were rewarded for taking to a supply hungry Australian dollar market this week. Both issuers — particularly UBS — are rare names in the currency which, combined with strong name recognition among domestic investors, propelled their trades to success.