HSBC

Glencore, the Swiss commodities trading and mining company, has breathed some life into Europe's equity-linked market with a $500m equity-neutral convertible bond due in 2025.

UK property company Hammerson has signed a new £1.5bn three year revolving credit facility, bringing in a dozen banks for a financing aimed at slashing the funding costs of its acquisition target, Intu.

A long-awaited additional tier one (AT1) from HSBC was trading up on Tuesday, having offered investors an attractive premium.

Beijing Capital Group debuted in the green bond market on Monday with a $600m-equivalent deal featuring dollars and offshore renminbi (CNH), finding enough buy-side support to tighten pricing by over 20bp on both the tranches.

Shinhan Bank was forced to pay a new issue premium (NIP) to complete its Basel III-compliant tier two deal on Monday, like most other issuers in recent weeks. But the South Korean borrower still managed to price its bond tighter than expected.

Funding for leveraged buyouts in the European primary high yield market gained further share of overall issuance this week, as specialty car parts maker LKQ of Chicago sold a €1bn bond for its acquisition of German peer Stahlgruber.

Italian business software vendor TeamSystem returned to the public bond market to refinance a floating rate note it placed privately in 2016, as high yield fund managers increase their demand for floating rate debt this year.

The auto finance arm of General Motors opted for shorter maturities to try to ensure the success of its first bond sale of 2018 on Monday. But the €1bn dual-tranche deal only received orders of €1.7bn and the lead managers were only able to tighten one of the tranches from initial price thoughts.

HSBC came to the market on Monday with two tranches of additional tier one (AT1) capital, and announced initial price thoughts with a hefty new issue premium. Spain's Ibercaja Banco also announced a mandate for the instrument in euros.

It was no surprise to many market participants that Friday saw no new issuance in the corporate bond market after the busiest week of 2018. The conundrum to be solved now though is how the jumbo issuance will affect conditions in potentially the final full week before Easter.

Rural Electrification Corp ventured out with a 10 year deal on Thursday, despite recent bonds with the same tenor widening by as much 10bp in the aftermarket. But the Indian issuer was vindicated in its choice, with its notes seeing solid secondary performance.

HDFC Bank sold its debut offshore rupee bond on Thursday, opening an untapped market for Indian banks.