HSBC
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Sunac China Holdings ventured into the market on Thursday for a tap of its existing 2020 bond. The Chinese borrower found such a huge response that it was able to raise more money than planned. -
French postal operator La Poste saved the corporate bond market in Europe from registering a blank week when it sold its first green bond last Friday. On Wednesday, Deutsche Post followed its peer’s lead by announcing a deal with the same tenor.
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Four borrowers piled into the dollar bond market on Thursday, adding to one of the busiest weeks of the year despite tough market conditions. UK telecoms company BT led the charge with a $1.35bn two-part deal.
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A pair of socially responsible deals from public sector borrowers failed to set the market alight this week. The order books were only marginally oversubscribed and the spreads did not tighten from the initial price thoughts.
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Edenred, the French operator of employee benefit schemes, discovered on Thursday that investors still have cash to put to work in the corporate bond market, even though eight deals had been priced in the first three days of the week and the end of the year is in sight.
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Hong Kong conglomerate New World Development Co printed its first green bond this week, raising $310m. While its green efforts were lauded, the company’s lack of rating kept many investors at bay.
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Shanghai Junshi Biosciences kicked off pre-deal investor education for its Hong Kong listing this week, following close behind Chinese telecommunications software provider AsiaInfo Technologies.
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High hopes for a bumper corporate finance year in Saudi Arabia have been dashed by the pulled Aramco IPO, the blockade of Qatar and the murder of journalist Jamal Khashoggi, writes David Rothnie.
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The last posting date for Christmas tends to coincide with the closing of the euro corporate bond market. Ahead of that coincidence this year, two postal companies have sold new bonds, after Deutsche Post followed La Poste of France’s lead.
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BMW Automotive Finance returned to China's ABS market this week, raising Rmb4.5bn ($575m) from its second deal of the year. But the auto lender tweaked the structure this time, adding a revolving portion.
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Thai hotel operator Minor International had to get creative with its debut $300m bond, owing to its lack of rating and inaugural status. It looked abroad for inspiration, ultimately opting for a South Korean-inspired structure. Morgan Davis reports.
