HSBC

JPM securitization banker leaves — Goldman Brexiter quits for politics — Balax enrols in fintech course

Total, the French oil company, achieved a flat new issue concession on its €1.5bn hybrid bond on Wednesday, according to bankers away from the deal, as investors swarmed into the book in search of yield.

Vodafone launched and priced on Thursday a $2bn hybrid capital issue, to gain some more equity credit in the eyes of the rating agencies. The deal follows Moody’s decision on Monday to give no equity credit to Vodafone’s £3.4bn mandatorily convertible bond, issued on March 5.

State oil company Saudi Aramco is expected to tap the bond market in the next fortnight for a deal that could be anywhere in the region of $7bn-$15bn, according to bankers in the region away from the deal. Estimates of the premium Aramco will have to pay over the Kingdom of Saudi Arabia curve is being discussed as negative to plus 15bp, depending on the size of the deal.

Chinese online travel agent Ctrip.com International has launched its first offshore deal, for €600m, two years after raising a larger onshore facility.

CMT MTN priced a 10 year bullet bond on Wednesday, raising $300m.

Klabin, the Brazilian pulp and paper company, returned to bond markets on Wednesday, taking advantage of a flattening yield curve to issue its first long bond, despite a bad day for Brazilian assets.

The Government of Sharjah printed a $1bn seven year sukuk on Tuesday. The strength of demand surprised even Tom Koczwara, director of the emirate’s debt management office.

The Government of Sharjah has launched its $1bn seven year sukuk with books for the deal in excess of $4.3bn. A banker on the deal put the new issue premium paid at 0bp-5bp and said that 'this was the result we were aiming for', given that this is the first deal from the Emirate printed with eligibility for the JP Morgan emerging market bond indices.

Investors looking at the multi-billion euro listing of Italian payments company Nexi are largely comfortable with the country’s political environment, focusing more on whether its private equity sellers will seek too high a price.

The Netherlands has targeted a window in May for its debut green bond, which will be sold through a Dutch Direct Auction.

India’s Canara Bank and Bank Rakyat Indonesia this week gave investors a chance to diversify away from Greater China supply, pricing their respective five year dollar bonds.