Banks

United Overseas Bank (China), a wholly-owned subsidiary of Singapore’s UOB, sealed a Rmb1bn ($142m) 10 non-call five year subordinated bond on Monday. The trade was the first internationally rated tier-two capital bond in the Mainland debt market.

Hong Kong’s PCGI Intermediate Holdings, a subsidiary of FWD, raised $250m from the bond market on Tuesday. While the company hit its size target, orders were limited and the price guidance was unchanged throughout the day.

India’s third largest cement maker Shree Cement is one step closer to a qualified institutional placement (QIP) after getting the go-ahead from the securities regulator.

The price on Tunghsu Group’s only dollar bond has plunged by more than 20 points in the secondary market, following missed payments in onshore China by a key subsidiary. Addison Gong reports.

Industrial and Commercial Bank of China will pay an upcoming dollar bond coupon on behalf of cash-strapped Tewoo Group, honouring a standby letter of credit (SBLC) it provided for a $500m deal sold by the commodities company two years ago.

The euro corporate bond new issue market was full of smaller deals on Tuesday, for Japan Tobacco, Hitachi and Naturgy, but investors were preparing for the onslaught of jumbo transactions which they knew were coming on Wednesday and Thursday.

Yorkshire Water flattened the long end of its sterling bond curve on Tuesday, as investors remain content with UK risk, as long as the Labour Party looks unlikely to win the general election on December 12.

Industrials company Mytilineos is trekking around Europe, marketing half a billion euros of senior notes. This marks the first time the Greek conglomerate tries to tempt international high yield investors, possibly signalling growing global ambitions.

LEG Immobilien, the German property company, marketed a multi-tranche bond on Tuesday. Investors looked at the curve of domestic rival Vonovia to divine relative value.

UK TV production company All3Media followed French insurance broker April in attempting to improve pricing on a loan signed just six months earlier, opportunistically looking to lock in a tighter margin before the market closes for the year.

Investors showed some price sensitivity when confronted with the State of North Rhine Westphalia’s (Land NRW) dual tranche sustainable offering on Wednesday. Nevertheless, compatriot issuer Rentenbank will add to euro SSA supply this week after mandating banks for a new 10 year benchmark.

The sterling public sector bond market was alive on Tuesday as the UK sold the penultimate syndication of its financial year and Caisse des Dépôts et Consignations returned to the currency for the first time since January 2018.