UBS

OP Mortgage Bank on Wednesday returned for the second time this year to issue a €1bn five year covered bond. Despite pricing at the tightest spread for any Finnish transaction in the last five years and with a negligible new issue premium, it still attracted a robust level of oversubscription.

The European leveraged loan market, usually the weaker rival of its larger US counterpart, is punching above its weight as US mutual funds have faltered in their enthusiasm for buy-out debt.

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Zurich Insurance took to its home market on Monday to sell hybrid bonds, feeding Swiss investors’ demand for an asset class that has seen little supply in the first half of 2014. Dutch lender ABN Amro tapped the market the same day, selling a floater at the short end of the curve.

The success of Russian ABH Financial’s bond, printed at the tight end of guidance and with a €350m size that exceeded expectations, is raising hopes that a rejuvenation of the Russian Eurobond market might be imminent, with even US accounts taking exposure to the deal via London branches.

China’s Tianhe Chemicals Group launched its HK$6.34bn ($818m) IPO on June 3, but investors will have to work hard to figure out fair value as there are no direct comparables for the Liaoning-based firm.

China’s largest container port operator for crude oil and iron ores, Qingdao Port International, raised HK$2.92bn ($377m) last Friday via a friends and family IPO.

Kazakhstan Temir Zholy (KTZ), the Kazakh state owned rail company, and Panamanian lender Global Bank both made their Swiss franc debuts this week. While attractive yields have made emerging market credits popular with Swiss investors, both borrowers struggled to appeal to institutional accounts and were forced to print smaller than expected deals.

Russia has taken its first step toward regaining access to international capital markets with a successful new issue for Alfa Bank’s holding company this week, writes Francesca Young.

Bank of Ireland has brought in its funding level for lower tier two capital by more than half, launching its €750m 10 year non-call five at a level that equates to low 4%, when in only late 2012 it priced similar debt at a coupon of 10%.

Kazakhstan Temir Zholy (KTZ), the national rail company of Kazakhstan, is set to make its Swiss franc debut on Wednesday afternoon, selling a dual tranche deal. A lack of demand from institutional buyers is likely to limit the size of the deal, though the issuer could look to tap the deal quickly if interest in the grey market is strong enough.

Shui On Land has returned to the international bond market less than a month after its last dual tranche offering. The borrower was looking to take advantage of improved sentiment in the Chinese property sector but was forced to pay up over its existing curve.