HSBC

Gulf International Bank (GIB) has picked banks for a five year dollar benchmark, joining the stream of high quality issuance from Middle Eastern borrowers.

When UK telecoms company Vodafone announced in May that it had agreed to buy some of US rival Liberty Global’s European operations, it said it would use existing cash, €3bn of mandatorily convertible bonds and new debt, including hybrid bonds to fund the €18.4bn acquisition. On Wednesday, Vodafone sold the hybrid bonds, using four different tenors in three currencies.

The authors of the controversial mutiny memo at HSBC have understandable frustrations, but their tactics leave something to be desired. The bank’s new chief executive will have to take their concerns seriously and act to restore confidence, but cannot manage HSBC on the basis of anonymous comments about its senior executives. If corporate finance at the bank does need fixing, this will have to wait.

French electricity utility EDF sold the first hybrid corporate bond deal in the euro market for more than two months on Tuesday, as it launched a tender offer for its existing hybrids with the aim of maintaining its existing volume of outstanding bonds.

The lengthy complaint about HSBC management drafted, purportedly, by investment bankers within the firm must be taken seriously and investigated, if its new CEO John Flint wants to win the confidence of the rest of the staff and shareholders.

The UAE’s Majid Al Futtaim has signed a $1bn revolving credit facility, ramping up the size of the revolver being replaced despite large scale backs to bank commitments.

IDB Invest hit screens for a three year dollar bond on Monday, as the pipeline for the currency grew for the final quarter.

Abu Dhabi based real estate company Aldar hit screens on Monday morning with a seven year sukuk, but the deal seems to be relying on heavy support from leads.

Emerging markets-focused mining firm Trevali Mining has amended and extending an existing loan facility, bringing its revolving credit facility up to $275m.

Saudi Basic Industries Corporation (Sabic) has selected banks for its first trip to the bond market for five years, angling to refinance a bond maturing next week.

Rating: Aaa/AAA

India’s Azure Power Global is in the market for a $185m capital increase that will be priced before its New York Stock Exchange-listed shares resume trading on Friday.