HSBC
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Issuers of additional tier one (AT1) capital have been more than 10 times subscribed for new deals on average in 2020 so far. This week's euro trade from Erste Group was no exception, with the €500m bond attracting €6.25bn of orders and a 'phenomenally tight' coupon. -
European real estate company CPI Property Group turned to investors in the Lion City last Friday for its first Singapore dollar bond.
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Sun Hung Kai Properties took advantage of a favourable market backdrop and solid aftermarket performance of its latest dollar bond to return with a tap just four days after the original transaction was priced.
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Four Chinese borrowers hit the dollar bond market on Thursday, competing with supply from India, Indonesia and the Philippines.
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While every eurozone country that sold a new syndicated bond this year has received strong demand, Spain outshone them all this week by taking the biggest ever order book in the bloc.
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The dollar SSA bond market, unfettered by geopolitical volatility, enjoyed an excellent week, although it is still lagging behind the euro market in terms of overall supply.
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A triple-A rated supranational and two sovereigns from the eurozone periphery took the opportunity to lock in low rates at the long end this week, amid strong market conditions. SSA bankers expect more supply to follow at this part of the curve over the coming weeks, including from France and potentially Greece.
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AIIB made its dim sum debut this week into a booming market. A slew of deals has been sold in recent weeks, with more paper printed in last the last 10 days than in the whole of any other year, except for 2019.
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UK chemicals giant Ineos’s German styrenics subsidiary is marketing €500m of senior secured notes and a €680m equivalent term loan B, with an intention to issue a €300m dividend to its parent company, controlled by billionaire Jim Ratcliffe. The remaining proceeds will be used for refinancing all of its term loans and some of the upcoming investments.
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High grade corporate names kicked off the 2020 sterling market in style this week, with big books and eye-catching trades for the University of Oxford, Clarion Housing and Ireland's Electricity Supply Board.
