HSBC

Europe's investment grade corporate bond market began the week with a hefty pack of new bond issues, as issuers were spurred on to bring deals by last week's rally and the favourable performance of past prints.

Veteran loans banker Phil Lipton is leaving HSBC after 15 years.

China Railway Construction Corp has priced an unusual $1bn subordinated perpetual bond, with more issuers expected to adopt a similar structure in the wake of new guidelines on accounting treatment for corporate perps.

Investors swarmed Philippine National Bank’s (PNB) $750m bond sale, as they sought out diversity in a market overrun with Chinese paper.

Maybank completed its second Rmb2bn ($291.5m) Belt and Road Panda trade on Thursday, pricing both tranches at the bottom of the price range.

Chinese local government financing vehicles (LGFVs) and property developers took advantage of positive sentiment after dovish comments from the Federal Reserve to flood the offshore market with bonds.

One lone £350m bond, from Volkswagen Financial Services, crept into the European corporate bond market on Thursday, as a public holiday in parts of Germany left the euro market without a good chunk of its investor base.

Black Sea Trade and Development Bank sold its $400m five year bond on Wednesday at a spread flat to inside its own curve, despite some changes to the maturity of the deal.

Tata Capital Housing Finance has joined a growing number of India’s non-banking financial companies (NBFCs) tapping the offshore loan market to take advantage of cheaper funding.

Black Sea Trade and Development Bank has updated price talk for its five year dollar benchmark with order books around $1.7bn.

India’s IndusInd Bank is paying up for its latest loan, after an aggressive price cut for its previous fundraising in 2018.

ICBC has mandated banks to arrange an up to $400m-equivalent green loan for its London branch, in what the borrower has labelled the first ever deal for a Chinese bank that follows the Green Loan Principles.