HSBC

China’s Tianjin Rail Transit Group Co (TRT) and Chengdu Xingcheng Investment Group Co both dipped into the euro market on Tuesday, with the former printing a green bond.

HSBC has appointed Pradeep Rao as head of corporates for Southeast Asia, effective immediately, according to a press release sent on Tuesday.

Public sector borrowers found buckets of dollar demand on Tuesday, as a French agency sold its largest ever benchmark in the currency and a supranational printed a trade at the upper end of its historical size range. Another supra is lined up to test whether that demand will hold on Wednesday.

Spanish telecoms company Telefonica has announced the sale of its latest hybrid new issues while also tendering for several of its outstanding hybrids. After over a month since the last benchmark euro hybrid issue, investors contributed to a large order book.

After a reasonable wait, investors are starting to see the more frequent investment grade corporate bond issuers return to the market. On Tuesday, French materials company Saint-Gobain and French telecoms operator Orange sold benchmark deals and UK media company WPP sold a dual-tranche issue.

Yapi Kredi printed its $500m five year senior bond on Monday with a new issue premium of 20bp-25bp — a hefty but necessary concession, vindicated by the deal trading around re-offer on Tuesday.

A pair of public sector borrowers are bringing short end dollar benchmarks as ever widening swap spreads support trades at that part of the curve.

Three French banks were among six financial institutions selling unsecured bonds in the euro market on Monday morning, with BNP Paribas, BPCE and HSBC France raising €3.5bn between them.

Yapi Kredi shrugged off last Friday’s downgrade by Moody’s and was well on its way to selling a new five year senior bond on Monday morning, having started around 40bp back of fair value, according to a lead manager.

French car manufacturer Peugeot has been on a ratings rollercoaster in the last 10 years. On Friday, now back to the highest sub-investment grade ratings, the company sold its third seven year deal in three years.

Taizhou Huaxin Pharmaceutical Investment Co executed a club-style deal on Thursday, raising $150m from a three year bond. It wasn’t the only Chinese firm wooing the buy-side. State-owned Tewoo Group opted for a perpetual deal, while Shimao Property Holdings tapped the offshore renminbi (CNH) market for the first time.

The German State of North-Rhine Westphalia came to market this week with its fourth sustainability bond. The bond is the issuer’s largest ever, narrowly outstripping several €2bn bonds at €2.025bn.