HSBC

Macquarie Group was well-supported on its return to the euro market on Thursday, as it launched its first senior offering in the currency since February 2018.

HSBC is looking for a new head of corporate finance coverage to replace Matthew Wallace, who is quitting the firm. Meanwhile, Simon Derrick and Michael Ellam have been handed new jobs as the bank reorganises the way it covers investors and public sector institutions. In Asia Pacific, Rami Hayek is leaving his post.

There was a burst of activity from Chinese pharmaceutical and biotechnology companies in the equity capital markets this week, as the sector took centre stage following the spread of a flu-like virus that has already claimed lives on the mainland. Jonathan Breen reports.

Green bond volumes reached a record level in 2019 and market participants think the sector is poised for another blow-out year. Korea South-East Power Co (Kosep) and ReNew Power Private gave a further boost to Asia’s growing green bond market this week, selling $750m of notes between them. Morgan Davis reports.

Sino Biopharmaceutical issued a zero coupon convertible bond on Wednesday, boosting the size to €750m as demand poured in from across Asia, Europe and the US, according to multiple sources close to the deal.

The European Investment Bank doubled up in capital markets on Wednesday, hitting screens for a fixed rate sterling benchmark and a Sofr-linked floating rate dollar note.

UK flooring company Victoria issued a €170m add-on to its €330m of outstanding 5.25% senior secured notes, due in 2024. The royal carpet maker successfully issued its debut bond last summer after failing at the first attempt in 2018 in a horribly timed launch.

Investors flocked to a rare offering of restricted tier one (RT1) capital from Phoenix Group Holdings this week, allowing the insurance company to tighten pricing by 37.5bp. The bonds will form part of the financing for the UK firm’s acquisition of ReAssure Group from Swiss Re.

Korea South-East Power Co (Kosep) and ReNew Power Private gave a further boost to the growing green bond market on Tuesday.

Three companies from the Greater China region sealed bonds on Tuesday, likely to be the last batch of issuers to tap the debt market before the Chinese New Year break begins. No Asian borrowers launched dollar deals on Wednesday.

Investors did not want to miss out on the senior bond marketed by KBC Group on Tuesday, as the issuer seized on strong market conditions to extend its credit curve and launch a deal at what many saw as fair value.

Two CEEMEA sovereigns are taking the plunge this week — the Kingdom of Saudi Arabia with a triple tranche dollar benchmark and Romania with a dual tranche euro bond.