HSBC

Madrid hit the market with a 10 year sustainable bond on Tuesday, raising €1.25bn at its tightest ever spread to the Spanish sovereign, selling into its largest ever book.

Alstom, the French maker of trains and railway equipment, has struck a €7.45bn deal to acquire Bombardier’s trains division and will partly finance the trade via a €2bn rights issue later this year or in early 2021.

The European Bank for Reconstruction and Development will be introducing a new coupon calculation methodology for Sonia-linked floating rate notes with its deal on Wednesday. The trade will use the structure that it pioneered for its Sofr debut last summer. The leads say this new format will be helpful should Sonia move towards a single index, like Sofr will in March. But some bankers away from the deal are unconvinced that the new method will appeal to investors.

Riyad Bank has tightened price guidance on its 10 year non-call five tier two bond, with order books at over $4.8bn for the note.

The Islamic Development Bank is returning to the international sukuk market for a five year Reg S dollar benchmark.

HSBC’s new strategic plan involves numerous changes to its investment banking division, including shifting resources to Asia and the Middle East, reducing the scale of many operations in the European markets business, and combining product functions with commercial banking.

Two public sector borrowers hit screens with new issues on Monday, with Belgium choosing a 20 year and Madrid opting for a 10 year sustainable bond.

Dwr Cymru Welsh Water, the UK utility, opened books for a senior and subordinated sterling bond issue on Monday, as the mandates from last week start to trickle through to investors' screens.

The UK Municipal Bonds Agency has chosen a syndicate of three banks to arrange a series of investors meetings starting on Tuesday for its first bond, a five year Sonia-linked floater for Lancashire County Council.

SBI Cards and Payment Services is preparing to launch its IPO of up to Rp95bn ($1.3bn) in the first week of March after getting the go ahead from the market regulator, according to a source close to the deal.

Avenue Supermarts' founder Radhakishan Damani and his family members are looking to raise Rp30.3bn ($424.7m) from a secondary share sale, following an issue of new stock by the company last week.

One of the most prominent debt bankers at HSBC has left the firm, as the reorganisation of senior management under interim CEO Noel Quinn continues.