Goldman Sachs

HSBC's additional tier one bond, sold this week, included a feature that helps insulate issuers from secondary market volatility, and which bankers say is destined to become broadly used in the asset class, writes Graham Bippart.

KfW equalled its largest ever size for a five year dollar benchmark on Thursday, in its first visit to the belly of the curve in over a year.

Akbank paid 12.5bp NIP for a rare 10 year senior bond from a Turkish bank on Tuesday, the bank’s second appearance in the international market this year.

Gategroup, the Swiss airline services provider, has signed a €240m revolving credit facility that it will use to replace an older revolver and partially redeem a bond.

The additional tier one market took on another entrant on Thursday with the launch of Standard Chartered’s debut, which brought in a book size reminiscent of the halcyon days of the asset class in late 2013 and early 2014.

GF Securities is making a big splash in the equity capital market, opening books for its Hong Kong IPO of up to HK$27.9bn ($3.6bn) on March 23 and offering a very generous discount to where its A-shares are trading.

Fuyao Glass Industry Group Co priced Hong Kong’s biggest IPO so far this year at the top of its price range to raise HK$7.39bn ($951.67m). Buoyed by its discounted valuation, retail and institutional investors gobbled up shares in the glassmaker.

Standard Chartered started taking orders from investors for its first ever additional tier one (AT1) bond on Thursday, having gauged investor sentiment in Asia, Europe and US earlier in the week.

The spate of very large and strategic block trades has continued this week, with sales of stock in Accor, Dassault Aviation, the London Stock Exchange and Havas, totalling an expected €5.2bn.

A German agency looks set to be the only SSA issuer to test demand in dollars this week, after mandating banks on Wednesday for a five year deal.

Spain hit the euro market on Tuesday to sell its second 15 year syndication of 2015, following up a conventional deal earlier in the year with its third ever syndicated linker.

The leads on Fuyao Glass Industry Group Co’s HK$7.39bn ($951.67m) IPO are guiding investors to the top of its HK$14.80-HK$16.80 marketing range, amid solid demand for its shares and a book that is now multiple times covered.