HSBC
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Car manufacturer Toyota’s Australian finance arm ended a 14 year hiatus from issuing bonds in sterling when it sold the first sterling corporate bond of the second half of 2018. The return of such an issuer will help fuel optimism that issuance in the currency in the second half of the year may help to redress the balance after one of the lowest volumes of first half issuance in the last decade.
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HSBC has hired Nicolo Salsano, the former chief investment officer, Europe, for Anbang Group, as head of corporate and institutional banking for Germany, filling the gap left by Norbert Reis.
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Asia’s G3 bond market has been defined by volatility this year, forcing bankers, investors and issuers alike to think on their feet during the first half of 2018. As banks fight to stay on top of the limited primary market activity, the region’s league tables have been disrupted.
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Voters rewarded a five year dollar print from Finnvera — the first in that tenor from a European SSA since March — with strong scores across the board.
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Two borrowers, Marlink and Iris Software, offered a string of new medium sized leveraged loans this week, following the recent launch of some highly anticipated jumbo deals that sources say have helped renew investor interest in the European market.
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Dutch food and biochemical company Corbion has refinanced its revolving facility with a five year loan with an interest rate linked to the company’s year-on-year sustainability performance.
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Guarantor: Federal State of North Rhine‑Westphalia
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Sovereign, supranational and agency borrowers were out in force this week, but the second busiest week of the year for euro funding was notable for the lack of price tension on many deals.
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There was a smattering of sterling deals from public sector borrowers this week, as the biggest issuer in the currency — the UK Debt Management Office — provided details for its next syndication.