HSBC

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.

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.