HSBC

The Islamic Development Bank (IsDB) has mandated eight banks to roadshow a benchmark five year Reg S sukuk with a view to adding a 10 year tranche as well.

Four of the six deals in the primary market in Asia on Tuesday were from Chinese real estate companies. But despite the inevitable competitive dynamics between the trades, Modern Land (China) Co, Yuzhou Properties Company, Guorui Properties and Tahoe Group Co were all able to meet their targets.

Hong Kong-listed LK Technology Holdings has divvied up its latest borrowing among 14 lenders.

Bank of China Macau has approached lenders for a financing of up to $500m, with details about the loan going to a limited number of banks, said sources.

FMS Wertmanagement on Tuesday took advantage of widening swap spreads to equal the tightest spread to mid-swaps on a five year benchmark so far this year — a level that was “very tight” to KfW, said bankers on the trade. Two other borrowers are lining up to try their luck in the tenor — including one that is aiming for an even tighter spread.

Five new investment grade corporate bond deals were priced on Tuesday and, while pricing was competitive, none of the issuers allowed for any growth in the size of the deals as all five used a no-grow strategy.

First Abu Dhabi Bank raised $650m with its market return on Monday, as Gulf Corporation Council financial supply continued with Union National Bank.

Two South African corporates are in the market for syndicated loans amid South Africa’s cabinet reshuffle, after former president Jacob Zuma resigned earlier this month.

Bank of China, Industrial and Commercial Bank of China and Industrial Bank Co have raised close to $3.7bn from eight fixed and floating rate tranches in three currencies. But most of the portions had to offer a new issue premium, which ranged from a few basis points to as much as 15bp.

South Korea’s Hyundai Capital Services was confident of finding support in a busy bond market on Monday, sealing $500m from an opportunistic trade that was launched without a roadshow.

The Bank of England’s annual €2bn three year dollar issue was comfortably oversubscribed on Monday, but the smaller volume of orders compared with last year and lack of price movement reflected both the greater difficulty in printing short dated deals and investor pushback against super tight swap levels, said bankers. That may have played a role in FMS Wertmanagement’s decision on Monday to mandate for a five year dollar deal, they added.

Assystem Technologies, a French engineering specialist owned by Ardian, is launching an add-on to its term loans to fund its purchase of German peer SQS Software Quality Systems, as merger and acquisition deals gain share in the leveraged loan market.