Banks

Two subsidiaries of Taiwan’s Formosa Plastics Corp have closed their offshore borrowings at bigger sizes.

An order book that was more than 15 times covered allowed first-time issuer Shanghai International Port (Group) Co to not only beat its price target in the primary market, but also see its $700m bonds perform well in secondary.

India’s Power Finance Corp sold a $1bn dual-tranche deal on Tuesday, its first offshore bond outing since its acquisition of REC at the end of March.

Huatai Securities has already covered the minimum target for its global depository receipts (GDRs) IPO on the London Stock Exchange, according to a source close to the deal.

The Republic of Indonesia raised more than $1bn from tightly priced bonds in the dollar and euro markets this week, taking advantage of improved investor sentiment and a recent upgrade to draw in investors.

Chinese real estate developers Sunac China Holdings and Yango Group returned to the offshore market on Tuesday, with the former raising a larger-than-expected $600m. Property and construction firm Jiangsu Zhongnan Construction Group Co also priced its maiden dollar bond.

Mexico’s largest locally owned bank Banco Mercantil del Norte (Banorte) will begin meeting fixed income investors this week as it looks to test investor appetite for Mexico credit with a new subordinated bond.

Associated British Ports defied sceptical observers this week and succeeded in persuading holders of a £65m floating rate note to switch its coupon to one set over Sonia — a global first. ABP managed to do it without paying investors a fee, potentially setting a precedent for others to follow. ABP is certainly likely to try again.

Ford Motor Credit and Aéroports de Paris issued investment grade corporate bonds in Europe on Tuesday, while Spie joined them with an IG-style but high yield-rated deal.

An infrequent Swedish corporate issuer, a Nordic bank, and a German car manufacturer all placed floaters larger than Skr1bn ($106m) in the last week. Swedish krona bonds have been popular with both public and private issuers in recent weeks, as both issuers and investors rush to get business done before the traditional midsummer market closure.

Schuldschein lenders are getting their first taste of environmental social governance (ESG) interest-linked notes next week, as Dürr takes its final orders on a transaction linked to its sustainability performance. According to several participants the trade has so far gone well, and will likely spark further Schuldschein borrowers using this new structure.

Kommunalbanken has mandated for a 2024 dollar benchmark, as SSA bankers say the market remains positive for new issuance.