HSBC

China Construction Bank (CCB) and China Citic Bank International this week priced Basel III-compliant tier two deals, raising $2.35bn between them. The deals represent only the latest supply from Asia’s bank capital market, which is gearing up for a busy year. Addison Gong reports.

Shriram Transport Finance Co raised $400m from first dollar bond on Wednesday, becoming the first Indian high yield borrower to tap the offshore market in just over a year.

Chinese high yield borrowers have come to the market in droves this week. That continued on Wednesday, when three deals raised a total of $1.275bn.

Egypt’s triple tranche $4bn bond drew a huge book of over $19.5bn on Tuesday in a deal that bankers away from the mandate said was a huge success, underscoring the phenomenal market conditions available to issuers.

Bahrain Mumtalakat Holding Company, the country's sovereign wealth fund, has tightened price guidance for its five year sukuk with order books for the deal already over $2.5bn.

CPI Property Group, which owns real estate in Berlin and central and eastern Europe, has mandated four banks for a roadshow to market its first dollar bond.

Bank Muscat's Islamic banking arm, Meethaq, has requested proposals from banks for its debut loan syndication.

China Citic Bank International has priced a $500m Basel III-compliant tier two deal inside fair value, as the lender looks to switch out of a legacy tier two that not only has a high interest rate but has also lost most of its capital recognition over time.

China property names continued their bombardment of the dollar market on Tuesday, as four more bond issuers raised a combined total of $2bn.

The UK banking sector has more links to China than the equivalent sectors in the US, Japan, the euro area and South Korea do combined. Analysts are warning that China's growth is slowing, and HSBC’s poor results have been linked to this. But those espousing that view are overstating the connection.

Cyprus printed a first 15 year benchmark on Tuesday, pushing out its curve and receiving orders of over €8bn. Despite the strong demand, the borrower elected to keep the size of the deal to €1bn, despite leads announcing on Tuesday morning that the size would be up to €1.5bn.

An SSA borrower smashed another set of records with a long dated bond on Tuesday. France’s hotly anticipated 30 year syndication did not disappoint, raising €7bn with its lowest yield ever at the maturity.