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HSBC

  • Philippine homebuilder Vista Land & Lifescapes sealed a successful dollar deal on Monday, despite venturing into a shaky market full of sceptical high yield investors.
  • The Province of British Columbia (BC) completed its second Panda bond on Wednesday, raising Rmb1bn ($150.9m) from a three year deal. The issuer went ahead with the deal despite rising yields in China – pushing the coupon to the top half of the guidance range.
  • India’s surprise rating upgrade at the end of last week is expected to encourage more of the country’s issuers to head to the international bond market. But while state-owned enterprises are set to see their funding costs drop, many are unclear about the benefits to what they consider an already upbeat market. Morgan Davis reports.
  • The dollar tranche of Ülker’s second loan of the year has been priced 20bp tighter than on its first loan of 2017, suggesting the market is swinging in Turkish borrowers’ favour as political noise in the country quietens down.
  • Some 17 banks have pledged roughly €15bn in a bridge loan to support Hochtief's bid for Abertis, the Spanish toll road operator.
  • SSA
    Bpifrance on Wednesday became the second euro borrower to fail this week to reach full subscription, selling a €500m deal from a book of around €425m.
  • Ülker has signed a $450m loan with 15 banks. It is the second time this year the Turkish biscuit maker has come to the market, with both loans oversubscribed despite political instability in its home country.
  • Indonesian toll-road operator Jasa Marga has mandated banks for a much anticipated inaugural offshore rupiah bond sale.
  • Chiyu Banking Corp and Shanghai Commercial Bank hit the debt market for their debut international subordinated bonds on Tuesday, but each was met with a different response from investors.
  • Investment grade issuers China State Construction International Holdings and Shenzhen International Holdings raised $800m and $300m, respectively, on Tuesday. But their bonds struggled to perform in secondary due to lingering softness in the market.
  • Unédic completed its funding programme for 2017 with a seven year benchmark on Tuesday, selling into a market eager for French paper. Bpifrance will look to capitalise on the same appetite after mandating for a Wednesday deal.
  • Export Development Canada tapped the short end of the dollar curve on Tuesday, with bankers away from the deal suggesting it was likely aided by a slight bump in three year swap spreads.