HSBC

Bond market havoc following the Italian president’s decision to appoint a technocratic government has shut the euro market for most public sector borrowers. Volatile swap spreads are making issuance near impossible, while an “enormous” flattening in Italy’s curve is of particular concern for that sovereign, said one head of SSA syndicate.

Germany’s JAB Holdings has agreed to buy the UK’s Pret A Manger for a reported £1.5bn, though lenders are unsure whether this marks the beginning of a wave of consolidation in the ready to eat food market.

HSBC’s financial sponsors team has been hit with another departure in a move linked to the ousting of Matthew Westerman as co-head of global banking last year.

HSBC has hired a banker from BNP Paribas for its public sector origination team.

State Bank of India has launched a new $750m three year borrowing into general syndication, about two months after mandating banks to run the transaction.

HSBC has wooed two bankers from rival bulge bracket firms to join its equity capital markets desk as it beefs up its equities franchise in Asia, said sources close to the moves.

Singapore’s Mapletree Logistics Trust raised S$220m ($164m) from a primary offering after pricing the units at the best end of terms for the issuer.

Frozen bakery supplier Aryzta’s shares fell by as much as 30% on Thursday as it issued a profit warning that full year Ebitda was expected to be 9%-12% lower than guidance released in January. This is a cause for concern for Schuldschein lenders endeavouring to rid the market of the stench left by Carillion and Steinhoff.

Vodafone was welcomed with open arms in the US as it printed the biggest dollar bond in its history, executing a quick fire acquisition financing.

Bank Gospodarstwa Krajowego (BGK), Poland's state development bank, printed its dual tranche euro bond on Wednesday in a tough market that allowed for no tightening from initial price guidance and book that was only just covered.

Israel Chemicals navigated a difficult market, which saw a pulled investment grade deal, to print a rare 20 year bond combined with a buy-back.

First Pacific Co is using a new $175m bond, as well as a bank loan, to help fund a tender offer, part of a liability management exercise.