Currencies

China’s Wolong Electric Group is tapping the offshore market for the first time, seeking a €150m loan through sole lead bank Standard Chartered.

Hong Kong-listed pharmaceuticals company United Laboratories International Holdings is tapping the loan market for a HK$1bn ($128m) deal, almost six years after cancelling a smaller facility.

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Yields across asset classes plumbed ever lower depths this week but investors were still forced to participate in deals as cash floods into fixed income funds. Now market participants have questioned whether the coming round of likely rate cuts will reveal the limits of investor tolerance. Lewis McLellan, Burhan Khadbai and Bill Thornhill report.

Following on from Barclays’ Kangaroo return last month, two more foreign banks looked towards the Australian market on Wednesday. Toronto Dominion Bank placed its inaugural bail-inable Kangaroo and BNP Paribas printed its first Australian dollar AT1 note.

The autonomous region of Azores mandated two banks on Thursday for its first visit to the debt capital markets since 2016 and what could be its largest ever bond.

The Republic of Tunisia does not finish its roadshow until Tuesday, but after a 100bp rally in its euro 2024s since the start of June and strong attendance at the roadshow meetings so far, a seven year — the longer end of the planned tenor for the benchmark bond — looks to be on the cards.

When the Mont-Soleil solar power plant went into operation in early 1992 it was not just the first of its kind in Switzerland: it was the largest photovoltaic installation in Europe.

Korea Development Bank (KDB) tapped the green investor base in Europe for its latest euro bond, achieving a record low funding cost and an unprecedented 0% coupon for a South Korean issuer.

The Kingdom of Saudi Arabia has tightened guidance for its dual tranche debut in the euro market, offering a 10bp new issue premium for its eight year and a 5bp concession for its 20 year, according to a syndicate official away from the deal. Combined books are over €10bn, including €1.5bn of joint lead manager interest.

Israel has returned to the market for a second time in 2019 to extend its euro curve by 20 years, placing its first ever 50 year note through a private placement.

Saudi Arabia hit screens on Monday to announce its first ever euro benchmark — a dual tranche with eight year and 20 year tenors.