HSBC

Five public sector borrowers are marketing dollar bonds across the curve kicking off what it is expected to be a busy week in the currency.

SEB offered investors a negative new issue premium with its preferred senior deal on Monday. With conditions consistently improving for European issuers, this deal has shown that the market is ripe for issuance in the format.

The lure of prestigious, fee-paying Bund syndications has driven banks to up their bids in Germany’s auctions, driving up the bid to cover ratio on its auctions and bringing down the sovereign’s cost of funds.

Asian Infrastructure Investment Bank is preparing to issue a global sustainable development bond as early as next week to finance its newly created Crisis Recovery Facility aimed at mitigating the economic impact of the coronavirus pandemic.

Monday started on a quiet note for Asia’s bond market, with Indonesia’s Asahan Aluminium (Inalum) the only issuer to venture out. While deal windows are open, bankers say that borrowers are taking it slow.

HSBC Canada issued the most oversubscribed dollar-denominated Canadian covered bond in years on Thursday, and still managed to price 28bp tighter than the Canadian heavyweights.

The Kingdom of Bahrain moved emerging markets’ bond recovery beyond top tier issuers on Thursday as it printed a $2bn dual tranche dollar trade that raked in $11bn of demand.

Hong Kong-based Sun Hung Kai Properties has tapped the international debt market for the third time this year, raising $500m from a 10 year bond on Wednesday.

China Petrochemical Corp (Sinopec) priced a $3bn bond through its curve on Wednesday after investors flocked to the triple-tranche transaction, leading to a peak book of $23bn.

The Kingdom of Bahrain has mandated banks to arrange a dual tranche bond transaction that is set to test the depths of Gulf Cooperation Council (GCC) recovery in EM bond markets.

Morgan Stanley Investment Management makes two SRI hires — Citi appoints Aby for CEEMEA markets — Callaghan joins HSBC for UK M&A

New issue premiums evaporated in the high grade corporate bond market this week, with multiple issuers printing well through their curve as the world begins to emerge from pandemic lockdown.