HSBC
-
-
The public sector market for euro paper is providing superb execution for those borrowers that still have needs in the currency — but those are few and far between. -
The sterling corporate bond market took until Wednesday to join the issuance frenzy the euro market had enjoyed in the first half of the week, but three deals in two days reminded issuers and investors that it is still an option to be considered into the end of 2017.
-
The European high yield bond pipeline was stuffed with an array of mainly sub-benchmark deals this week, after issuance volume hit a historic high.
-
The City of Paris printed a sustainability bond on Thursday, shaving several basis points from the spread during execution thanks to a healthily oversubscribed book.
-
KommuneKredit and Erste Abwicklungsanstalt rounded out this week’s dollar issuance in what has become typical fashion for trades over the last few days — oversubscribed books and tightened pricing. But KommuneKredit’s deal featured a novel aspect that SSA bankers hope other issuers will embrace.
-
On Thursday, the sterling corporate bond market reminded participants it was still going strong after the euro market had dominated the first half of the week. Petroleos Mexicanos, also known as Pemex, and Western Power Distribution followed the success of Wednesday’s deal from Manchester Airport.
-
The European Investment Bank (EIB) tapped South African rand twice this week, amid rising yields in the currency. Elsewhere, the International Finance Corporation (IFC) and World Bank both sold three lots of offshore renminbi, and Nordic Investment Bank (NIB) returned to Hong Kong dollars.
-
If the only benchmark euro deal on Thursday had been true to its roots, it would have built a waiting list rather than an order book. But demand still far outstripped supply when Italian luxury sports car manufacturer Ferrari sold its second corporate bond issue.
-
Principality Building Society has picked banks to arrange a roadshow for a new sterling-denominated senior unsecured bond, marking the issuer’s first visit to the market in any currency since before the financial crisis.
-
Suntec Real Estate Investment Trust printed a S$300m ($220m) convertible bond off the back of solid aftermarket trading in recent new issues, although some bankers think the window could be closing soon.
-
Emirates Sembcorp Water & Power has named leads for its first deal, a $400m secured amortising note due 2035, and begins meetings on Thursday.
