HSBC
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Rating: Baa3/BBB/BBB
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Greece returned to the capital markets this week with its fourth syndicated bond of the year as it tapped its 10 year note at a record low yield. Meanwhile, Cyprus is set to go on a global roadshow to plan its funding for 2020. -
After making a strong return to the dollar bond market for the first time since 2010, Italy aims to become a frequent issuer in the currency once again, according to the sovereign’s funding head.
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The buyout bonds for Merlin Entertainments and Kantar, backed by Blackstone and Bain, will set new standards for European issuers. If the investors strike down the "net short" clauses — as they did in an earlier Inmarsat deal — the sponsors may give up on the controversial strategy to battle hedge funds with large CDS positions.
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One of the lessons from the Credit Suisse spy scandal is that there is a dearth of talent capable of leading Europe’s banks through their most challenging period. A succession crisis looms, writes David Rothnie.
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German tyre manufacturer Continental rolled into the market on Wednesday, one week after it priced its debut floater in the MTN market last week. The manufacturer had enjoyed several years away from the capital markets, before returning in September with a series of public deals. Elsewhere, political events in Turkey have left lira issuance surrounded in “uncertainty.”
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Asian Development Bank hit the market twice on Thursday, grabbing $3bn of five year paper and selling its debut green bond — a £250m seven year trade.
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Sri Rejeki Isman (Sritex) sold an opportunistic $225m bond on Wednesday, becoming the first high yield Indonesian issuer in five months. The company offered investors a juicy premium, which was necessary to appease buyers burnt by turmoil around fellow textile company Duniatex.
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Cyprus is packing its bags for a month-long set of investor meetings in the US and Europe as it looks to plan its funding programme for next year.
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Health and Happiness International Holdings and Shui On Land have both made swift returns to the loan market for tightly priced deals.
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Investors flocked to Thai Oil Public Co's 30 year bond this week, seizing the opportunity to get yield from a long-dated note.
