UBS

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.

UBS Global Asset Management (GAM) has named the replacement to lead its Asia Pacific business following the decision by CEO Kai Sotorp to join Manulife Asset Management.

Bank of Ireland is likely to hit the market Wednesday with its planned euro denominated 10 year non-call five year lower tier two transaction in what would be the first euro denominated benchmark size capital deal from an Irish bank since the crisis.

Ion Trading, the UK financial software provider, has increased the euro and decreased the dollar portion of its €838m-equivalent loan.

China’s Tianhe Chemicals Group launched its HK$6.34bn ($818m) IPO on June 3 and investors are having plenty to do in order to figure the transaction out. 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) on May 30 via a friends and family IPO.

ABH Financial Limited has mandated Alfa Bank, Commerzbank and UBS to arrange a euro denominated Reg S senior unsecured bond, but bankers away from the note disagreed on whether the deal, which will be sub-benchmark size, will serve as a market reopener for Russian issuers.

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 will also sell bonds on Monday, selling a floater at the short end of the curve.