HSBC
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HSBC will grandfather its discounted perpetual (disco) bonds after all. Its decision last year to declare the securities to be fully eligible as tier two capital angered some investors: it has now backtracked after the introduction of new capital rules, although they will lose eligibility at a later date. -
Investors hoping for new investment grade corporate bonds this week may be disappointed, as widening spreads and falling equities make the market less tempting for issuers.
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The UK’s Helical has amended and extended its bank debt, with the office real estate firm ramping up the size of its revolving credit facility to £400m.
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John Flint quit his position as CEO of HSBC on Monday after less than two years in the job, as the bank warned of difficult global conditions in its second quarter results. The bank’s chair Mark Tucker implied the desire for change related to a problem with Flint’s execution of the bank’s strategy, rather than the strategy itself, but the departure has also raised questions about HSBC’s Chinese operations.
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China Lesso Group Holding has launched a $900m four year borrowing into general syndication.
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The European Investment Bank set two records in the sterling bond market this week. The supranational issued the largest ever single tranche socially responsible bond in sterling across any sector, which took supranational and agency supply in the currency to an all-time annual high — even though it’s only August.
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Banks are racing to expand their sponsors coverage teams as they fight to remain relevant to private capital providers at a time of disintermediation in investment banking. By David Rothnie.
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Ireland’s Keywords Studios has signed a new revolving credit facility of up to €140m, increasing its bank line as the video games studio remains on the hunt for acquisitions.
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Property group Savills has employed two experienced loan syndication bankers to enhance its newly formed debt advisory business.
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Investment grade corporate bond issuance is all but becalmed, but the high yield market is bustling with activity, as a wide variety of companies bring deals, including several strategic capital raisings and M&A financings.
