HSBC
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Tottenham Hotspur is planning to be the latest football club to sell corporate bonds after its new stadium’s construction delays and cost have again increased. -
Shinhan Bank used its position as the first dollar borrower in the market on Monday to lock up $500m, paying just a low single-digit new issue premium despite global volatility.
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The leveraged finance new issue pipeline has slowed down in Europe. Market participants pointed to weak macroeconomic data, but also the recent alarms about weak covenants.
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KfW mandated banks on Monday for the first euro benchmark in the public sector market from a supranational or agency in two weeks.
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Österreichische Kontrollbank will complete its benchmark funding for the year with a no-grow $1bn five year. Meanwhile, Erste Abwicklungsanstalt has lined up its second dollar deal of the year in the three year part of the curve.
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HSBC recorded better profitability and higher revenues at the group level for the first nine months of 2018, with Asia continuing to play a key role. But the bank’s global markets business took a hit.
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State Bank of India has mandated seven banks for a $500m offshore borrowing, returning to the market just two months after closing its last facility.
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China and Japan confirm details of currency swaps and plans to invest more in third party markets, the Hong Kong Monetary Authority (HKMA) renews the license of nine authorised institutions as Primary Liquidity Providers (PLPs) for the CNH market in Hong Kong and Singapore sets up new government agency to bridge the funding gap facing Asia’s infrastructure projects.
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Indonesia’s Pertamina has withdrawn a cash tender offer for its 2021 and 2022 notes and will not be selling a new bond at this time due to unfavourable market conditions.
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Two Middle Eastern borrowers printed seven year sukuk dollar benchmarks on Wednesday, restarting the market after a few weeks of flagging issuance.
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Foreign appetite for China’s ABS market is growing fast, although the trade war and market infrastructure still pose challenges, according to panellists at IMN’s first Asian Structured Credit Summit on October 24.
