Nomura

The State of North Rhine-Westphalia (Land NRW) mandated banks on Monday for its debut Sonia-linked floating rate note, following its compatriot NRW.Bank, which sold its first trade in the format last week. The region has also decided to no longer use money market instruments for funding and liquidity management.

Three public sector borrowers announced dollar benchmarks on Monday, rekindling the market after a quiet week.

Bank of Ireland was more than three times subscribed for a €300m tier two bond this week, nailing its second attempt at the deal after returning to the market with a wider spread for investors.

International Finance Corporation has picked the banks to lead the first dollar benchmark of its 2019/20 financial year.

Guarantor: Federal State of North Rhine‑Westphalia

NRW.Bank was well subscribed for its inaugural Sonia-linked floating rate note on Tuesday, with the books closing just one hour after opening.

NRW.Bank has picked a syndicate of three banks to lead its inaugural Sonia-linked floating rate note, as it looks to become the second German agency to issue a public trade in the format.

An explosion of international issuance in yen is being accompanied by a re-evaluation of traditional routes of access into Japanese capital markets. Euroyen deals and Tokyo Pro-Bonds are rapidly establishing themselves as viable alternatives to the Samurai bond market. Tyler Davies reports.

Banco BPM and Abanca made use of favourable issuance conditions this week to beef up their capital buffers. The Italian lender priced the 10 year non-call five deal at a 4.25% coupon and the Spanish issuer priced its 10.5 year non-call 5.5 year bond at 4.625%.

Investors have not completely shunned Libor-linked floating rate notes from public sector borrowers, as a trade from Swedish Export Credit Corp showed this week.

Abanca Corporación Bancaria returned to the euro bond market on Thursday for its second tier two of the year. The Spanish lender was able to tighten pricing for its €300m deal by 50bp, helped by an order book that was nearly four times subscribed.

South Korea’s Woori Bank has raised $550m from a Basel III-compliant additional tier one bond sale. Despite the softer market backdrop, the firm pulled off the deal without paying any premium.