HSBC

The lengthy complaint about HSBC management drafted, purportedly, by investment bankers at the firm must be taken seriously and investigated, if its new chief executive John Flint wants to win the confidence of the rest of the staff and shareholders, argues Jon Hay in a GlobalCapital View.

French electricity utility EDF continued a busy September with the first hybrid corporate bond deal in the euro market for more than two months on Tuesday. It also sold a new senior trade in euros, following a $3.75bn triple tranche deal in the US the previous week.

World Bank blew the doors off its first bond referenced to the Sonia benchmark on Thursday, setting a new record for non-UK sterling SSA supply in the process.

The UK’s Helical has signed a £150m deal from UK banks, bringing the property developer’s revolving credit lines into one facility.

French certification agency Bureau Veritas had its credentials stamped by investors on Thursday when it sold its third deal in three years. The unrated issuer received €1bn of demand for its €500m long six year deal.

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.