HSBC

The Hong Kong government is meeting with international investors this week in an effort to court attention for its debut green bond. The transaction has been expected for more than a year, with Hong Kong and green enthusiasts hoping that a sovereign deal can launch the city as a hub for sustainable financing. Morgan Davis reports.

CCB Financial Leasing Corp sold a $700m dual-tranche transaction on Wednesday, without paying a new issue premium on either tranche, and pushing the pricing on the $200m 10 year some 10bp inside its curve.

The strength of corporate bond demand, after falls in stockmarkets engendered by the US's hardened stance on trade talks with China, will be tested in the US on Wednesday by a $20bn issue for IBM. In Europe, the test could come on Thursday, since a handful of issuers finished roadshows on Wednesday.

Majid Al Futtaim (MAF), a shopping mall developer based in the Middle East, sold a 10 year green sukuk on Tuesday flat to its outstanding curve.

After a couple of slow weeks for corporate bond issuance in Europe, the pace quickened somewhat on Tuesday, with two €500m no-grow issues. One was from a familiar name - Carrefour, the French supermarket chain - the other from a new one, Samhällsbyggnadsbolaget i Norden, a Swedish residential property company founded only in 2016.

The European Stability Mechanism offered very little new issue premium on a pair of taps to wipe out its €2.5bn funding needs for the second quarter in one go.

Majid Al Futtaim, a shopping mall developer based in the Middle East, has set the spread for its green sukuk, with the deal attracting about $3bn of orders for $600m of paper.

The Hong Kong government is readying its highly anticipated debut green bond, kicking off investor meetings this week.

Tencent Holdings has seen an impressive rally in the secondary market for its recently issued dollar bonds, a reflection of strong investor appetite for investment grade supply amid underwhelming issuance volumes in 2019.

HSBC’s global banking and markets division registered a small rise in income in its first quarter results announced on Friday. Transaction banking lines helped outweigh revenue declines in trading and the global banking business.

The UK Debt Management Office has mandated four banks for the first Gilt syndication of its 2019/2020 financial year.

Energy services group Serba Dinamik Holdings raised $300m from a three year wakala sukuk on Thursday, before watching the bond quickly trade up in the secondary market.