HSBC

Climbing US Treasury yields and tightening swap spreads are pushing out levels in dollars, but Swedish Export Credit Corporation (SEK) managed a successful three year trade — a good omen for an upcoming deal from Kommuninvest on Wednesday.

The volume of euro and sterling high yield bonds on sale in Europe jumped to €1bn on Tuesday, after NBG Pangaea and Premier Foods hit the market with new offerings. Meanwhile, retail high yield funds enjoyed a second week of inflows.

Royal Bank of Scotland was selling new senior unsecured bonds in the dollar market on Tuesday, building on a series of success prints from European financial institutions.

Bank of China’s aircraft leasing arm BOC Aviation sold a rare seven year dollar-denominated floating rate note (FRN) on Monday to an overwhelming response. The deal has opened the door to other financial institutions in the region looking to extend their funding profiles in the format.

HSBC’s China subsidiary is returning to the domestic bond market with a three year note today. Quietly confident that offshore investors will participate through Bond Connect, the bank took a relaxed approach when marketing the deal, sources familiar with the transaction told GlobalRMB.

A senior member of HSBC’s EMEA leveraged finance team has left the bank, according to sources.

Two A-rated corporates went head to head in the euro corporate bond market on Monday as UK pharmaceutical giant GlaxoSmithKline and US electrical systems manufacturer United Technologies Corp both launched triple-tranche deals, with two matching maturities, which totalled €4.5bn.

Israel Chemicals, a leading global specialty minerals and chemicals company, has named leads for a rare long dollar deal, combined with a tender offer.

Bank Gospodarstwa Krajowego, the State Development Bank of the Republic of Poland, is marketing a dual tranche euro bond.

HSBC took home $6bn from a callable bond issuance on Thursday, after Barclays opened the callable market for jumbo Yankee issuers earlier in the week.

GlaxoSmithKline added to the crush of red hot dollar bond supply this week, as borrowers began a spring stampede to lock in funding ahead of a likely rate rise next month.

The project company widening London's orbital motorway is set to refinance a roughly £1bn syndicated loan with public bonds in the coming weeks.