HSBC

The party in Chinese high yield real estate bonds continued this week, with China Aoyuan Group, Zhenro Properties and Yuzhou Properties taking home $1.15bn between them on Tuesday.

China’s Bank of Communications Financial Leasing Co managed to raise the upper end of its $1.5bn target size at a tighter-than-expected level on Tuesday, a feat achieved despite a busy bond market in Asia.

Italy and the European Investment received combined orders of over €50bn in the euro public sector market on Tuesday before what could be an even more uncertain period in Europe, with the UK parliament set to vote on prime minister Theresa May’s Brexit withdrawal agreement later in the evening.

Public sector borrowers printed over $10bn of bonds on Tuesday in a dollar market that SSA bankers expect to keep its momentum in the weeks ahead.

Dubai Islamic Bank finishes the roadshow for its additional tier one bond on Wednesday. The market is eagerly awaiting pricing details and though no call has yet been confirmed, bankers and investors are expecting the bank to redeem its outstanding tier one in March.

Investors flocked to Korea Midland Power Co’s (Komipo) green bond on Monday, funnelling $3bn of orders into a $300m deal that offered a quality credit and an attractive tenor to the buy side.

ASM Pacific Technology is tapping the offshore loan market for the first time, raising a HK$2.25bn ($287m) five year borrowing to refinance a convertible bond maturing in March.

CPPIB Capital was comfortably oversubscribed for its $2bn trade on Monday with the dollar SSA market remaining attractive at the short end. Agence Francaise de Developpement, KfW and Kommuninvest will look to tap into lucrative conditions in the currency after mandating banks for deals on Tuesday.

SNCF Réseau paid a significant new issue premium for its first benchmark green bond since 2017 on Monday. The European Investment Bank will issue its own 10 year euro bond on Tuesday, following trades in sterling and dollars earlier in the year.

Italy hit screens for a 15 year euro benchmark on Monday, in what will be the sovereign’s first syndication for a new issue since agreeing its 2019 budget with the European Commission at the end of last year. Elsewhere in the eurozone periphery, Greece is looking to return to the bond market with a euro syndication in the five year part of the curve, according to bankers.

Some Schuldschein arrangers are expecting that a syndicate’s distribution skills may become more important this year, as conditions across capital markets become more chaotic.

UK housing associations are regular and popular users of the sterling corporate bond market. Friday saw the first deal of 2019 from the UK’s largest housing association and the deal proved demand had in no way waned.