HSBC

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.

Bank of Communications Co’s Hong Kong branch is in the market with a two-part floating rate transaction, going head to head with peer China Construction Bank, which is also taking bids for a new bond.

China’s Alibaba Group Holding, which wowed the debt market three years ago with the largest G3 bond on record from Asia ex-Japan, is preparing for a comeback, mandating banks for its upcoming dollar outing.

American fast food chain operator McDonald’s on Tuesday sold the sixth reverse Yankee deal in a month, issuing a long six year tranche and a 12 year tranche to raise €1.2bn.

Once the unwavering bastion of eurozone strength, stable through an otherwise turbulent year, the German government managed to unsettle the euro market this week. The collapse of the German coalition talks at the weekend forced one SSA borrower to adjust its plans on the fly and was partly blamed for two borrowers’ failure to fill their order books. Lewis McLellan reports.

Crane maker Konecranes raised €150m with a debut Schuldschein on Monday, as the Schuldschein market aims to set a new yearly record.

Two of the three SSA euro syndications this week found the market tough going, relying on lead managers to fill orderbooks. Some SSA bankers lay the blame, in part, on the collapse in German government coalition talks at the weekend.