HSBC

The first tier two from Spain’s Unicaja Banco was more than three times subscribed this week after it entered a strong new issue market. It appeared alongside ING, which paid a slim 5bp premium to print a deal in the same asset class.

Latin American bond market participants away from Costa Rica’s proposed $1.5bn cross-border issue said they thought the deal would find strong demand as the Central American nation announced a roadshow amid friendly market conditions on Tuesday.

Dongfeng Nissan Auto Finance bagged Rmb6.5bn ($920m) from its third auto loan ABS trade of the year on Wednesday. Despite being the largest ABS trade the originator has done, the four tranche deal was well covered.

China’s Ministry of Finance has raised €4bn from a three tranche deal, returning to the euro market after a 15 year layoff. Bankers think the deal will encourage Chinese issuers from across the credit spectrum to come to the euro market.

SAIC-GMAC and Beijing Hyundai Auto Finance are both planning their returns to the auto loan ABS market next week.

KfW returned to the euro market on Tuesday for a tap of its euro May 2027 green bond. The deal offered a small new issue concession at the final spread, as the euro SSA pipeline winds down in the final months of the year.

Central European telecommunications provider PPF Arena 1 has come to market for its second bond issue, after debuting earlier this year.

DNB Bank moved the pricing by 37.5bp on a new additional tier one (AT1) in the dollar market this week, becoming one of the first banks to break through the 5% pricing marker.

South Korean steel company Posco checked every box for investors with its $500m bond issuance on Monday. Even though the deal offered no new issue premium and pricing was tightened aggressively, buy-side support did not waver, said bankers.

Six Chinese real estate issuers — mostly high yield — flooded the dollar bond market on Monday with one to four year tenor deals. Investment grade rated China Vanke Co, on the other hand, tapped the longer end of the curve with a dual-tranche issuance.

Do responsible investing, ESG and sustainable finance mean anything? If so, they must mean investors cannot buy Saudi Aramco’s IPO. When the world is desperately trying to cut carbon emissions, ploughing billions into a newly listed oil company is the definition of a backward step.

Germany’s Daimler returned to the market on Monday for a £350m five year trade, but European Central Bank bond buying means the deal did not quite look as dazzling against the car company’s euro curve as it has done in recent trades.