HSBC

Big moves in US Treasury yields, swap spreads and the euro/dollar and euro/sterling basis swaps put paid to some dollar issuance this week as some borrowers held back and others tapped different currencies. But a pair of Swedish names did get deals done, and rates started to move back into more favourable areas, suggesting volumes could pick up again next week.

Guarantor: Swedish local government members

The African Development Bank sold its second ever social bond on Wednesday, more than doubling the size of its debut effort and extending its maturity curve. The Basque Government will follow the supranational with its inaugural sustainable bond.

Keurig Green Mountain enjoyed the best of dollar bond market conditions as investors drank deep before a spike in US Treasury rates sent borrowers scurrying to the sidelines.

Foreign banks operating in the US could be allowed a more flexible funding structure, according to Randall Quarles, Federal Reserve vice-chairman for supervision. It could lower the cost of trapping liquidity and capital instruments in the intermediate holding companies (IHCs) they had to set up to keep operating in the US.

UK child goods retailer Mothercare revealed a wide scale restructuring and refinancing plan on Thursday, in which it will take up to £113.5m of funding from debt and new equity.

HSBC’s China subsidiary returned to the domestic bond market on Tuesday, issuing a Rmb3bn ($473.6m) three year bond, trading on the bank’s name recognition onshore.

Chinese automobile financing retail transaction platform Yixin Group is tapping the loan market for a $150m borrowing, six months after listing through a HK$6.8bn ($867.2m) IPO in Hong Kong.

Kommuninvest printed a $1bn three year dollar bond on Wednesday, following the example set by Swedish Export Credit Corporation (SEK) but shaving an extra few basis points from its spread.

The China arm of HSBC visited the Chinese debt market this week and took home Rmb3bn ($472.5m). The issuer cashed in on its name recognition in Mainland China, and sealed the deal despite cautious sentiment among onshore investors.

Avic International Holding Corp has raised $400m to address an upcoming bond maturity, finding enough support for a twice covered transaction. But the pricing reflected some weakness in the lower end of the Chinese investment grade curve.

Perusahaan Listrik Negara (PLN) managed to navigate Indonesia’s challenging market backdrop successfully to seal a $2bn dual-tranche transaction on Tuesday.