HSBC

The International Finance Corporation has mandated banks to lead a 10 year dollar bond in what will be the fourth public sector borrower to sell a bond in this part of the curve this week.

The UK Municipal Bonds Agency is in the market with a £250m no-grow 40 year bond on behalf of Lancashire County Council. Initial price thoughts indicate the yield will be substantially below the rate charged by the government's Public Works Loans Board — the usual source of finance for councils.

ICBC Financial Leasing Co chose price over size for its first outing to the dollar bond market this year, but still managed to raise a larger-than-expected $900m.

Hong Kong property company Hysan Development Co used a fixed-for-life structure for its $300m perpetual bond on Tuesday, taking advantage of the low interest rate environment to lock in pricing.

KfW opened up a window for 10 year dollar bonds in the public sector market on Tuesday amid a rise in long-dated US Treasury yields with two more borrowers hoping to find similar success in the tenor on Wednesday.

Santander UK has been quick to price a new deal in the US dollar market after its results, making a saving over the funding levels on offer in euros or sterling.

Two agencies were out with dollar mandates on Monday and more public sector borrowers could follow with deals this week as a rise in US Treasury yields boosts demand for SSA dollar bonds.

Mahindra and Mahindra Financial Services has raised Rp30.9bn ($412.4m) after wrapping up an oversubscribed rights issue.

Spanish telecommunications infrastructure company Cellnex has finished its €4bn rights issue to fund further M&A opportunities, with an extremely high oversubscription.

Yunnan Provincial Energy Investment Group Co added a dash of variety to bond supply from China’s local government financing vehicles, by selling a $300m dual-tranche deal that combined a senior unsecured portion with an unsubordinated perpetual.

The coronavirus crisis has reshaped many aspects of finance, but not the line-up of top investment banks. It does appear to have pressed some firms into sharp decisions, though.

Soaring demand and tight spreads lured repeat borrowers as summer dollar bond supply soared with $34bn of new issuance crammed into four days.