HSBC

Indian Railway Finance Corp (IRFC) found an opportune time to open books for its debut green dollar bond on Tuesday morning, riding off India’s sovereign ratings upgrade last month.

India’s Rural Electrification Corp is one of the few non-Chinese issuers laying the groundwork for a new dollar bond before the end of the year.

China Reform Holdings Corp, China General Nuclear Power Corp (CGNPC), Hong Kong’s Pearl Holding III and Shimao Property Holdings are among the issuers in the market with new transactions on Monday.

Cemex, Thomas Cook, Telenet and Lowen Play injected €1.7bn of bond offerings into a visible high yield issuance pipeline already populated with Pinewood and CeramTec this week.

Greece was able to exchange more than €25bn of old bonds for new assets in an exercise designed to normalise the borrower’s curve. The offer ended on Tuesday, in the midst of discussions about the conditions that will be attached to Greece’s next tranche of emergency loans. The fresh curve should allow the borrower to return to capital markets twice in 2018.

German car company BMW became the third issuer to sell a deal in the infrequent Eurodollar new issue market this November, as well as solidifying its position as the largest seller of corporate MTNs in 2017.

Issuers in the Gulf Cooperation Council are increasingly considering project bonds as a viable funding option for infrastructure projects in the region, said bankers.

HSBC has been quick to stress there has been no change in strategy since the high profile departure last week of its co-head of global banking, Matthew Westerman. It must stick to its word, regardless of how many feathers the outgoing banker might have ruffled in his short time at the firm, writes David Rothnie.

UK distribution company Bunzl and UK logistics property company Tritax Big Box REIT both met with investors in the UK in the first half of this week before launching debut bond deals on Thursday, while Anglian Water Osprey Financing launched a transaction straight after an investor breakfast.

On Thursday German telecoms company Deutsche Telekom sold its third bond with a 2024 maturity, while Italian state owned railway operator Ferrovie Dello Stato issued its first green bond.

Emirates Sembcorp secured the second project bond this year from the United Arab Emirates on Wednesday, and after a two day execution, the new deal came flat to fair value.

Indonesian toll-road operator Jasa Marga is taking bids for the first ever offshore rupiah bond, throwing open what has been dubbed the Komodo bond market.