HSBC

Public sector borrowers were able to achieve zero or negative new issue premiums and close books early in the euro market on Tuesday as investors piled into haven assets amid a weaker outlook for global growth.

Young and Co’s Brewery, the owner and operator of roughly 220 pubs in London and the south east of England, has entered the US private placement market.

The Slovak Republic kick-started its 2019 international bond issuance on Tuesday, printing a €1bn 11 year, drawing a book of over €5bn. It paid a “minimal” new issue concession, according to lead managers.

Chinese real estate companies Kaisa Group Holdings, Jingrui Holdings and China SCE Group Holdings came to the market on Monday after announcing strong financial results for 2018 last week, raising $900m between them.

Eager demand for hybrid capital issues, amid an environment of low rates, was on show again on Monday, when LafargeHolcim issued its first big deal of this kind. The pricing was tightened by an exceptional amount during the bookbuild — 69bp.

Following European bond issues by Volkswagen Financial Services, Volvo Car and RCI Banque last week, another car company entered the market on Monday. Toyota Finance Australia issued a two and five year bond that showed the market was very much open for business and full of demand.

A trio of public sector borrowers hit screens with mandates on Monday ahead of what SSA bankers say will be a busy week of supply following a glut of benchmark issuance towards the end of the first quarter.

Saudi Aramco has published a bond programme prospectus and received its first credit ratings as it goes on the road to promote its first international capital markets transaction, which is expected to come to market this week.

Chinese state-owned investment bank Shenwan Hongyuan Group kicked off pre-marketing on Monday for its Hong Kong IPO.

Chinese technology company Duiba Group reaffirmed its IPO hopes on Monday, once again filing a prospectus with the Hong Kong stock exchange.

Country Garden Holdings Co raised $1.5bn in a dual tranche trade on Thursday. The longer dated tranche, a seven year tenor, is the longest dated bond from a high yield property borrower this year.

Bank of Baroda returned to the market on Thursday to sell its first dollar deal in nearly five years. The bank, acting through its London Branch, raised $800m in a sale that came just days before its expected merger with Vijaya Bank and Dena Bank.