HSBC

With asset prices inflated to levels that would have seemed impossible a few years ago, capital market participants are looking forward to the European Central Bank’s (ECB’s) eventual exit from its quantitative easing (QE) programme with a mix of hope and dread, writes Lewis McLellan.

French engineering services company doubled its initial launch size to just €450m, joining the growing proportion of Schuldschein deals closing over €200m. But, some question whether the growing number of larger companies accessing the German private placement market might affect funding chances for smaller SMEs

Investors in public sector dollar deals have found themselves forced to accept brutally tight pricing as issuers drive in spreads to round off their funding programmes.

BNY Mellon and HSBC are building a network to match trades in the corporate bond market using custodian information.

Qatar is looking to issue a jumbo bond before the end of this year, but bond syndicates and DCM desks are agonising over whether it would be good business for them to work with the state, since it has been cut off by its neighbours.

China Literature, the e-book subsidiary of Chinese tech firm Tencent, is on track for a red-hot IPO after shadow orders immediately flooded in during pre-marketing. Some smaller companies have already delayed their IPOs to avoid being eclipsed by a deal that looks sure to dominate discussion in the coming weeks. Jonathan Breen reports.

Zhongrong Xinda Group Co and Jiangsu Nantong Sanjian Construction Group Co (JNTC) are set to make their debuts in the international bond market on Thursday, as Tongchuangjiuding Investment Management Group Co returns for a tap.

Kia Motors Corp is returning to the international bond market, opening books for a dual-tranche 144A/Reg transaction on Thursday morning.

The operator of Hyderabad’s international airport launched its debut dollar bond on Thursday morning, following a global roadshow last week.

China Merchants Bank is marketing its inaugural dollar-denominated Basel III additional tier one transaction, which analysts say is attractive to investors.

The Joint Laender printed €1bn of 10 year paper on Tuesday, filling the book unusually quickly for a Laender deal. The deal was joined in the market by a European Union (EU) tap of an April 2031 line.

Italian telecoms firm Wind called on the high yield market on Wednesday, as it planned to refinance most of its debt with a dual currency five tranche offering, deploying 20 bookrunners in the process.