Nomura

SBI Cards and Payment Services was riding high on Thursday after a rush of institutional investor demand pushed its billion-dollar IPO through a coronavirus-driven slump in local and global markets this week. Jonathan Breen reports.

The World Bank has surprised onlookers with a five year benchmark bond, printed into the teeth of the volatility caused by Covid-19 and an emergency rate cut from the Federal Reserve. The successful deal from the supranational has emboldened an agency to follow suit, with others expected to follow.

LVGEM (China) Real Estate Investment Co raised $450m as part of a new money and exchange offer on Tuesday. The borrower opted for an exchange offer on its old 2020 bond as a way of reducing the impact of recent volatility.

World Bank surprised some market participants by announcing a five year dollar benchmark shortly after the Federal Reserve slashed rates in response to the Covid-19 coronavirus outbreak, but before the details of the Fed's plans were unveiled at a press conference.

Nomura has established a strategic partnership with Indonesian brokerage Verdhana to boost its equities execution and research in the country.

SBI Cards and Payments Services has kicked off its up to Rp103.4bn ($1.4bn) IPO, with over one quarter of the deal subscribed by anchor investors.

Nomura's head of sovereign, supranational and agency, covered bonds and financials trading has left the bank.

SBI Cards and Payments Services, a State Bank of India subsidiary, set the final price range for its IPO, putting proceeds of up to Rp103.5bn ($1.44bn) in reach for when it launches the deal next week.

SBI Cards and Payments Services has finalised the price range for its IPO, which is set to be worth up to Rp103.5bn ($1.44bn) when it is launched next week.

The European Stability Mechanism has requested its primary dealers or ‘market group banks’ to set up entities within the 27 member states of the European Union in order for them to participate in bond auctions by the supranational and its sister issuer, the European Financial Stability Facility.

Rating: Aa3/AA/AA-

Dar Al Arkan Real Estate Development Company moved beyond the usual five year tenor it normally issues at on Wednesday, making the most of investors’ willingness to take on longer maturity paper.