UBS

Sovereign, supranational and agency bankers are braced for a busy week of issuance, as demand for paper soars in the wake of the European Central Bank’s unveiling of a series of measures which have butchered rates last Thursday.

Korean issuance is picking up in the wake of the Republic of Korea’s dual tranche offering on June 3. Latest out the blocks include Korea National Oil Corp. which is meeting investors for a euro-denominated bond, and Korea Gas Corp, which is looking at dollars.

Luye Pharma Group started premarketing an $800m Hong Kong IPO on June 11 and those on the deal are confident investor demand will be red hot.

With senior FIG spreads moving tighter following the announcement of rate cuts by the European Central Bank last week, Intesa Sanpaolo was able to benefit from the ensuing hunt for yield on Tuesday to draw a hefty order book. In contrast, Finnish bank Pohjola struggled to tighten pricing on a five year senior print, though the UK’s Bupa benefited from its rarity to breeze through a sterling print.

Toronto Dominion Bank and Standard Chartered both took to the short end of the curve with floating rate deals on Tuesday pulling off trades despite heavy demand for longer dated bonds and riskier credits following the announcement of the European Central Bank’s rate cuts last week.

UBS has hired Jerry Kao, former director, equity derivatives trader at Deutsche Bank in New York.

TSB’s low return on equity and worries about the UK market mean that Lloyds Bank's IPO of the British commercial bank will be offered at a discount to book value when the sale is completed later this month.

Cinven has announced its takeover of the telecoms branch of Spanish gas utilities group Gas Natural Fenosa, as the private equity firm seeks to maintain its presence in a sector which has brought it some of its best returns.

Malaysia’s ECM market is set for a huge boost after Public Bank announced it is going to raise MR4.83bn ($1.5bn) from a one for 10 rights issue.

Dalian based real estate developer Yida Property is set to start the premarketing process for a $250m IPO on June 10, according to a banker close to the transaction.

Four market experts answer the following question: How strong is the outlook of India's stock market following the election result?

Irish credits’ appeal in the vanguard of the European recovery was underscored this week as Bank of Ireland attracted more than €5bn of orders for a new subordinated debt issue. The country’s first euro benchmark tier two since the crisis, the 10 year non-call five offering smashed through the lender’s previous pricing — and may well rank as the tightest Irish bank deal of its type, according to bankers.