HSBC

CNP Assurances won healthy demand for a green tier two capital bond issue this week, as insurance companies begin to embrace the idea of printing capital instruments as socially responsible investments.

Samir Assaf is to step down as chief executive of HSBC’s global banking and markets (GBM) business in the New Year, as a prelude to a restructuring of the division.

Hong Kong’s PCGI Intermediate Holdings, a subsidiary of FWD, raised $250m from the bond market on Tuesday. While the company hit its size target, orders were limited and the price guidance was unchanged throughout the day.

The euro corporate bond new issue market was full of smaller deals on Tuesday, for Japan Tobacco, Hitachi and Naturgy, but investors were preparing for the onslaught of jumbo transactions which they knew were coming on Wednesday and Thursday.

Yorkshire Water flattened the long end of its sterling bond curve on Tuesday, as investors remain content with UK risk, as long as the Labour Party looks unlikely to win the general election on December 12.

Industrials company Mytilineos is trekking around Europe, marketing half a billion euros of senior notes. This marks the first time the Greek conglomerate tries to tempt international high yield investors, possibly signalling growing global ambitions.

LEG Immobilien, the German property company, marketed a multi-tranche bond on Tuesday. Investors looked at the curve of domestic rival Vonovia to divine relative value.

The sterling public sector bond market was alive on Tuesday as the UK sold the penultimate syndication of its financial year and Caisse des Dépôts et Consignations returned to the currency for the first time since January 2018.

Legal & General Group (L&G) was four times subscribed for a £600m tier two in the sterling market this week, as it looked to strengthen its capital position.

Austria has the green light from Chinese regulators for its inaugural Panda bond issue as it looks to become the second eurozone sovereign to tap the market.

Chinese property company Agile Group Holdings wrapped up its bond issuance for the year on Monday, raising $200m from its fourth deal of 2019.

Japan Tobacco and Yorkshire Water have given mandates for new euro and sterling bonds, respectively, as S&P Global says the amount of European corporate debt it rates has grown to €6.44tr.