HSBC

HSBC’s corporate finance staff have survived its restructuring largely unscathed, but the more ambitious among them will see the bank’s plans as a missed opportunity, writes David Rothnie. And with no answer yet on the identity of the next full-time CEO, the uncertainty is not over.

Rating: Baa1/A-/BBB

Rating: Aaa/AAA/AAA

Intesa Sanpaolo chose to split an additional tier one (AT1) deal into two tranches on Thursday, with one eye on the secondary performance of the bonds and the other on the maturity profile of its debt capital stock.

Dubai Islamic Bank is embarking on a roadshow having mandated nine banks for a long five year or seven year dollar benchmark sukuk.

Avenue Supermarts’ founder Radhakishan Damani and members of his family offloaded a portion of their shares in the company this week, raising more than Rp34.3bn ($478.1m). The deal came just days after the company issued a chunk of primary stock.

India’s equity capital markets have had a strong start to the year, pumping out a steady flow of large IPOs and secondary share offerings on the back of a big uptick in foreign investment. The country’s ECM pipeline is offering banks relief amid a slowdown in Hong Kong. Jonathan Breen reports.

Chinese corporations bombarded investors with new bond options on Wednesday, allowing three issuers to raise $625m between then. Hong Kong-based asset manager ESR Cayman joined the fray in Singapore, grabbing S$225m ($161.55m).

The European Bank for Reconstruction and Development took a huge order book for its Sonia-linked floating rate note on Wednesday, which introduced a new coupon calculation methodology for the sterling risk free rate. But market participants away from the deal said the demand did not reflect broad approval of the new format among investors.

The Islamic Development Bank hit the market for a five year dollar benchmark on Wednesday, raising $2bn at a spread of 40bp to mid-swaps.

Citic, Yango Group Co and Kunming Industrial Development and Investment Co were the three Chinese issuers that tapped bond investors for new dollar deals on Tuesday.

Delhi International Airport (Dial) returned to the bond market with a tap of its 2029 notes on Tuesday, taking $150m from investors.