HSBC

Three sterling deals this week matched the busiest week of 2018 for the currency as two UK corporate issuers returned to the market after notable absences and a US issuer opted for sterling for its first non-dollar deal.

German business software company SAP printed a €1.5bn triple tranche deal at tight spreads on Wednesday after more than a year and a half without issuing.

China National Chemical Corp (ChemChina) enlisted the help of 18 lead managers to sell a six tranche bond in two currencies on Wednesday.

Since Danish transport and logistics company AP Møller-Maersk last visited the bond market, both Standard & Poor’s and Moody’s have downgraded its ratings and put them on negative watch. However, it has still managed to issue its longest maturity deal so far in euros, alongside a tender offer.

John Laing Group, the UK infrastructure projects company, this week unveiled plans for a £210m rights issue to take advantage of a “growing pipeline of opportunities”.

Thursday saw two UK corporate issuers return to the sterling market after notable absences. Southern Gas Networks had not issued for more than two years, while the recently renamed Optivo Finance had been away for five years.

Islamic Development Bank released price guidance for its dollar benchmark sukuk on Wednesday and leads are expecting to price the note on Thursday.

Ma returns to HSBC — Morgan Stanley Indo banker exits — SocGen promotes Malhotra — Credit Suisse loans chief leaves — Citi loses HK, Macau head — JPM dealmaker heads to start-up — UBS sees senior departures

Tata Sons is poised to end a decade-long absence from the syndicated loan market when it launches a $1.5bn transaction later this month.

China National Chemical Corp (ChemChina) has raised $6.4bn from a six-tranche transaction in euros and dollars to refinance debt taken for Syngenta’s acquisition. The issuer was willing to pay up to take more on the long end of the curve, with the juicy premium summoning a book of more than $15bn at its peak.

Investors this week showered orders on to the first bond issue from Teva Pharmaceuticals since a recent downgrade to high yield ratings. The hook? A 50bp-100bp premium over its old bonds in the secondary market.

Swedish Export Credit Corporation on Wednesday priced what bankers away from the deal said was a “very strong trade”, as it printed in the same five year tenor that has brought success for SSAs over the last few weeks. But one borrower is set to attempt a tenor that has not been visited since late January.