HSBC

Denmark’s TDC is seeking to reprice its euro-denominated term loan ‘B’, as the telecoms company continues to slash at its debt costs and size in the wake of selling Norwegian cable firm Get.

Chinese property developer Country Garden Holdings has pocketed HK$7.83bn ($1bn) after using a call spread for a concurrent new issue and buy-back of existing convertible bonds — a popular structure in the US but groundbreaking for Hong Kong. Jonathan Breen reports.

Yunnan Provincial Energy Investment Group Co raised $200m from a bond on Wednesday, using up part of its regulatory quota before the end of the year.

Barclays has hired two interest rates options traders in London, as it seeks to grow the business and expand its product offering.

Kommuninvest took advantage of the lack of competing SSA supply on Wednesday to price a long three year dollar trade ahead of the US holidays. Meanwhile, Nederlandse Waterschapsbank has appointed banks to arrange investor calls for its annual water bond.

BMW Automotive Finance will open books for its second auto loan ABS of the year on November 27, another three-trancher worth Rmb4.5bn ($648m).

No bond issuer is safe in this volatile market. Industrial and Commercial Bank of China (ICBC) learned that the hard way when it was forced to pull a dual-tranche floating rate deal last week. Its failure should serve as a warning sign to other borrowers.

The Federal State of Brandenburg was oversubscribed for its second ever euro benchmark in the 20 year part of the curve on Tuesday. The deal offered a 2bp concession, according to the leads.

HSBC Canada opened books on Tuesday for its first covered bond and followed in the same three year maturity, and with the same starting spread, as DBS Bank's issue on Monday. But, after several hours, when the spread was fixed at the initial level, lead managers failed to update investors on the order book size, leading some to question how well the deal was going.

Spreads on Chinese property dollar bonds felt the impact of heavy supply on Monday when three companies, Times China Holdings, Greenland Holding Group and China Evergrande Group, brought new issues to the market.

Investors flocked to the Export-Import Bank of Korea’s (Kexim) $1bn bond on Monday, viewing the policy bank as a defensive credit to park their cash in.

A pair of socially responsible investment deals from public sector borrowers received mixed views on Monday from on-looking SSA bankers. Instituto de Crédito Oficial was able to tighten its spread by 3bp for its first syndication of 2018, while Bank Nederlandse Gemeenten returned for its second sustainability bond of the year.