HSBC

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.

Emirates Sembcorp Water & Power revised guidance for a new issue downwards on Wednesday morning after taking orders of $2.3bn.

Indian Railway Finance Corp (IRFC) has mandated banks for its maiden green dollar bond, coming close on the heels of a similar issuance from peer Power Finance Corp.

The IPO of Adnoc Distribution, the petrol stations business of Abu Dhabi’s state oil company, was covered at its base size, three working days into the bookbuild.

As fund managers fill their pockets with corporate leveraged finance debt, borrowers like BMC Software are taking advantage of strong conditions to slash funding costs across their financial structure.

The three corporate bond issuers who sold new issues in euros on Tuesday offered something short, something intermediate and something long. The shorter tranches benefitted from the most interest.

Emirates Sembcorp Water & Power has opened books on its $400m amortising note. Some market participants say the move signals the next phase of GCC fiscal rebalancing as governments look to offload fully operational infrastructure projects onto international investors, though others are sceptical that the trend will really take off.

China Construction Bank Corp and Bank of Communications Co snapped up investors on Monday when they offered up multiple tranches of floating rate dollar bonds through their Hong Kong branches.

Chinese financial services provider Far East Horizon priced a subordinated perpetual bond on Monday, grabbing an open issuance window ahead of heavy expected supply. Its deal came with a rather unique structure to qualify for equity credit from the rating agencies.

Sterling high yield bond issuance this year has now surpassed four times 2016’s figure. This week, new borrower Pinewood Studios appeared on stage.

The leveraged loan market is approaching Christmas on course to beat last year’s issuance, particularly for financing of new buyouts.

Ford Motor Credit Co, the financial services arm of US motor company Ford announced a dual tranche corporate bond deal on Monday comprising two floating rate notes.