HSBC

Chinese local government-owned power generator Chongqing Energy Investment Group Co wrapped up its inaugural offshore bond, finding enough demand to support an aggressive price tightening.

High yield bond issuance in Europe is perking up, with several deals being marketed or just about to be launched. Beginning its roadshow on Monday was Sappi, the South African paper company, which wants to issue €450m to replace an older bond; starting on Tuesday is French car parts group Faurecia, seeking €500m.

KfW sold a tap in sterling on Monday with lead managers maintaining that the choice of an intraday execution was “key” ahead of a vote in UK parliament on prime minister Theresa May’s revised Brexit deal.

Kommunekredit, Kommunalbanken (KBN) and World Bank hit screens for dollar deals on Monday, as bankers said that this week offers a decent window for issuance in the US currency.

Achmea, the Dutch insurance holding company, has signed a €1bn sustainability-linked refinancing loan, in what one bank said was the first deal of its kind in the country's insurance sector.

Solar glass manufacturer Xinyi Solar Holdings has raised HK$1.32bn ($168m) after selling a block of new shares in a top-up placement.

The Democratic Socialist Republic of Sri Lanka sealed a $2.4bn bond after shaking off investor concerns about the country’s political turmoil and ratings downgrades.

Malaysia has closed the biggest sovereign Samurai bond in 18 years, raising ¥200bn ($1.79bn) from what could be just the first of many such deals to come.

Xinhu Zhongbao Co, Suning Appliance Group Co and Chengdu Communications Investment Group Corp kept up the steady supply of Chinese credits in the dollar market, raising $440m between them.

Link Real Estate Investment Trust has pulled off a record-breaking equity-linked deal, issuing the first green convertible notes in Asia Pacific, according to a source close to the transaction.

Whether Vodafone’s £3.44bn issue of two and three year mandatorily convertible bonds on Tuesday this week ends up being judged a corporate finance success for the company may take time to discover. But it is already clear it was a great hit with investors — much more so than the first time Vodafone issued the structure in 2016.

Vodafone’s £3.4bn mandatorily convertible bond with share buyback language, sold to huge demand this week, may have created a new financial product. Certainly it will set off a maelstrom of analysis and pitching to clients, as banks seek other companies willing to try this daring structure. Jon Hay and Aidan Gregory report.