HSBC

Investors stormed into the euro public sector bond market this week fired up from the announcement of a new comprehensive stimulus package by the European Central Bank last week.

Rating: Baa1/—/BBB-

L-Bank issued the first ever floating rate note linked to €STR on Thursday, ahead of the European Central Bank’s publication of the recommended new euro risk-free rate on October 2. While it has been beaten in the race to do the first deal, the European Investment Bank has announced plans for what could be the first benchmark sized transaction in the format.

Dollar SSA issuers faced huge volatility this week as the US Federal Reserve cut interest rates and unexpectedly pumped billions into the repo market, with two more issuers lining up to test investors’ mettle.

Budweiser Brewing Company Apac has revived its Hong Kong IPO two months after a headline-grabbing flop. But a smaller target size, a stamp of approval from a high-profile cornerstone investor and the off-loading of an unattractive chunk of its business all mean that the firm has a better chance of success this time around. Jonathan Breen reports.

Besides the rare offering of a Chinese issuer on Wednesday, when Jin Jiang International issued a €500m bond, euro corporate bond investors had to make do with two other deals, from Telenor and Mondelez.

The African Export-Import Bank sold its $750m 10 year bond on Tuesday from a book of around $3.35bn, with recent low supply from African issuers having helped drive demand for the deal.

Wells Fargo hasn't wasted time in the bond market this week. It launched a euro senior bond on Wednesday, a day after raising sterling debt. Concurrently, Spanish lender Kutxabank was marketing a senior non-preferred bond in euros, its debut in the format.

GlobalCapital has revealed the results of its Sustainable and Responsible Capital Markets Awards 2019. The Awards gave honours to three debut sovereign issuers: the Netherlands, Hong Kong and Chile, investment firm Amundi, and banks including Crédit Agricole, HSBC and ING.

Herald International Financial Leasing, a subsidiary of BMW, bagged its second Rmb2.5bn ($353m) auto lease asset-backed note on Tuesday, pricing the dual-tranche deal at the tighter end of the price guidance range.

A smaller deal size, a high-profile cornerstone investor and plenty of early engagement with investors have put Budweiser Brewing Company Apac’s second attempt at a Hong Kong IPO on solid ground.

Azure Power Global pulled off an unusually large price tightening on its $350m green bond, which was buoyed by strong investor demand for a rare issuance from the Indian renewable energy sector.