HSBC
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HSBC has tapped two of its veteran bankers as Guangdong co-chief executives, as part of the bank’s push in the Pearl River Delta (PRD) region. -
Element Materials Technology, the UK materials testing company owned by Bridgepoint, was looking for a small loan extension this week, and seeking consent from its investors for higher leverage ratios under the loan covenants.
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The UK’s Financial Conduct Authority has been looking into bondholder concerns after HSBC decided to reclassify four legacy bank capital instruments earlier this year, leading to a plummet in their value.
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Chinese brokerage Huatai Securities has won approval from the Mainland regulator to list Global Depository Receipts (GDRs) in London through the connect scheme with Shanghai.
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Fosun Tourism Group, a subsidiary of Chinese conglomerate Fosun International, is being spun-off and has started bookbuilding for its HK$4.28bn ($547.19m) Hong Kong IPO.
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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.
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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.
