HSBC

Several international borrowers are marketing in the Schuldschein market. Though there are several idiosyncratic reasons for each, the prevailing idea is the instrument is competing with the unrated bond market on price again.

German construction firm Hochtief opted for a €500m no-grow deal when it came to market for the first time as a rated company this week. The company gained a BBB rating from Standard & Poor’s in May 2017.

Spain, fresh from its success with a 10 year benchmark on Tuesday, is eyeing a return to the long end of the syndicated inflation linker market towards the end of the year.

Korea National Oil Corp (KNOC) has sold its first dollar bond of the year, opting for a Formosa transaction in Taiwan.

Spain’s Masmovil has completed a second round of refinancing on its bank loans, shaving a further 100bp off the cost of its total debt pile and ramping up the size to €831m.

HSBC has suffered some staffing fallout after the short-lived tenure of Matthew Westerman, but its corporate finance ambitions remain in place, writes David Rothnie

China Huarong Asset Management Co focused on getting a sensible price rather than a large size with its Tuesday bond issue, raising $1.1bn from three tranches. The deal followed a probe of its former chairman earlier this year, as well as a general widening of bonds from the sector.

An MTNs banker, who resigned from HSBC’s EMTN desk two weeks ago, will be returning to the BNP Paribas MTNs desk.

Two euro borrowers launched benchmarks on Wednesday, sharing the SSA euro market. While both secured successful deals, one found the market tougher going, as investors pushed back.

Chinese financial leasing firm Far East Horizon (FEH) nabbed $400m from a floating rate note on Monday that required an arduous price discovery process.

American agricultural equipment firm AGCO has launched a Schuldschein transaction, following in the footsteps of Sherwin Williams and Wabco.

France is set to revisit the SRI market, announcing a syndicated tap of its June 2039 Green OAT, or GrOAT. The deal will follow a German agency's annual green bond.