Banks

China’s Health and Happiness (H&H) International Holdings has cancelled an exchange offer as well as a concurrent new money issuance, becoming one of three issuers to pull deals this week, as bankers blame the recent explosive supply on weaker investor demand.

In a setback for South Korea’s insurance companies, Hanwha General Insurance was forced to pull its tier two dollar bond from the market on Thursday.

Boutique investment bank China Renaissance has wrapped up its HK$2.7bn ($345.5m) IPO at the bottom of guidance, with the deal multiple times subscribed.

India’s Azure Power Global is in the market for a $185m capital increase that will be priced before its New York Stock Exchange-listed shares resume trading on Friday.

Two Samsung-linked units raised W927bn ($829m) from a sell-down in Samsung C&T Corp on Thursday, capping a flurry of overnight block trades from South Korea this week.

The Mexican arm of Spanish lender Santander sold $1.3bn of new tier two bonds on Thursday, with the parent company taking 75% of the deal as it looked to extend the maturity of its tier two capital.

Nestle, Électrcité de France and BP have led a stampede to the dollar market ahead of an expected rate hike by the Federal Reserve next week, as credit markets shrugged off trade wars between the US and China.

State-owned German rail operator Deutsche Bahn took the opportunity to make the most of the European Central Bank’s corporate bond buying programme when it sold a €500m 12.5 year deal on Thursday.

Northern Ireland Electricity, the country’s electricity grid operator, overcame any fears investors may have had about the Irish border issue in the ongoing Brexit negotiations when it upsized its deal on a rare visit to the capital markets on Thursday.

French construction and concessions group Vinci sold its first public benchmark corporate bond deal in more than five years on Tuesday and was overwhelmed by both the quantity and quality of its order books for the dual tranche deal.

French car maker Renault extended its maturity profile with a new eight year deal on Thursday. The decision resulted in a deal more than three times subscribed and at a new issue premium of just 5bp.

Japanese issuers are rarely seen in the European corporate bond markets, but electric motor manufacturer Nidec made it two Japanese corporate bond sales in two days, following Japan Tobacco’s multi-tranche deal on Wednesday.