BNP Paribas

A Basel III landmark was notched up this week as Bank of Communications (BoCom) became the first Chinese bank to issue without the use of an overseas entity. But despite the pioneering nature of the tier two deal, the market’s focus remains firmly on upcoming additional tier one (AT1) issuance, with some investors staying clear of BoCom in preparation for the higher yielding deals, writes Rev Hui.

A Japanese lender has joined the eleven leads on Tata Steel’s multi-currency jumbo fundraising and three to four more banks are expected to come in before the loan goes into general.

Synthos SA made a strong debut on Wednesday with a seven year non-call four debut offering. Rarity of supply from both the sector and from Poland buoyed investor support for the deal which offered a decent yield compared to where quasi-sovereigns are trading.

Zhejiang Provincial Energy (ZPE) sold the first dollar bond from a provincial level Chinese state owned enterprise on Tuesday. Buoyed by ZPE’s credit strength and Zhejiang province’s strong fiscal position, the three year issue was a hit among investors and sets a solid foundation for the emergence of similar credits in the dollar market, writes Isabella Zhong.

Reliance Jio Infocomm, the telecoms subsidiary of Indian conglomerate Reliance Industries, opened its $1.5bn dual facility refinancing loan for general syndication on September 19, with a mandated lead arranger and bookrunner group of 15 banks.

Japanese brewer Suntory Holdings left a solid footprint in the dollar market with its inaugural issue on Wednesday. With books for the RegS/144A $1bn dual tranche issue already covered during Asia trading hours, dealers proceeded to push final pricing 20bp tighter than where investor feedback came in.

Synthos SA, a leading manufacturer of chemical raw materials in Central and Eastern Europe, is out with guidance for a euro-denominated bond after wrapping up investor meetings on Monday.

China’s Suchuang Gas Corp is seeking a listing on the Hong Kong Stock Exchange, filing an A1 with the regulator for a deal that could raise as much as $100m.

Zhejiang Provincial Energy (ZPE) sold the first ever dollar bond from a provincial level Chinese state owned enterprise on Tuesday, September 23. Buoyed by ZPE’s credit strength and Zhejiang province’s strong fiscal position, the three year issue was a hit among investors and sets a solid foundation for the emergence of similar credits in the dollar market.

Japanese brewer Suntory Holdings’ chances of pricing its first dollar bond are looking good with books for a $1bn dual tranche offering already covered by Asian investors on the afternoon of September 24.

General Motors Financial Co will roadshow from Tuesday to Friday next week for its first euro bond.

Vallourec’s bond issue may have gone well today, but for the other corporate issuers in euros and sterling it was a much rougher ride. Accor launched a €150m tap and RCI Banque a £250m sterling three year – but neither managed to tighten pricing from their initial thoughts.