HSBC

Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers.

A widening in dollar swap spreads since the end of last week should help support a trio of dollar deals on screens for Wednesday’s business, said SSA bankers.

Three Chinese issuers are seeking fresh funding from the dollar bond market on Tuesday, with one wooing accounts for a comeback deal and the other two making their debuts.

Expectations for a busy week in the investment grade corporate market were maintained despite only Telefonica taking advantage of good primary conditions on Monday, as it sold a benchmark nine year bond in euros.

India's Tata Steel has lined up a group of 21 lenders for an up to $2.16bn six year loan, which will be launched into primary syndication in a couple of weeks, said bankers close to the deal.

Chinese issuers Peking University Founder Group, Bank of Communications Financial Leasing Co, Geely Automobile Holdings and Jinjiang International Holding are meeting investors this week ahead of planned dollar and euro bond sales.

Tata Steel, Tunas Baru Lampung and State Bank of India are on the prowl for dollars as they kick off their annual fundraising activities.

China Jinmao Holdings Group raised HK$3.3bn ($425.8m) from a fixed price offering of new shares through a top-up placement last Friday.

Chinese internet company Tencent Holdings added an impressive $5bn to its coffers on Thursday from its first international bond since 2015. While pricing looked fair, what surprised the leads was the strong participation from US investors.

Three Chinese property companies, Jiayuan International Group, Golden Wheel Tiandi Holdings Company and SEA Holdings, have managed to meet their respective funding targets despite hitting the dollar bond market on a crowded day.

Philippine oil company Petron Corp seized $500m from a tightly priced perpetual bond on January 11, winning over investors with a step-up structure.

India’s Yes Bank is extending a fundraising spree that began last year, and is back in the overseas loan market for the third time since August 2017.