HSBC

Two North Asian issuers raised $608m in separate overnight primary equity placements on Thursday after both deals were fully upsized, although they priced near the bottom of their respective offering ranges.

The appointment this week of John Flint as chief executive of HSBC carried none of the drama and internecine rivalry that marked the elevation of his predecessor Stuart Gulliver six years ago, but could have implications for the future leadership of the firm’s global banking and markets division.

Northrop Grumman and Wal-Mart printed the biggest deals in their history as event-driven dollar bond supply roared back to life following the Columbus Day holiday.

The African Development Bank (AfDB) said that it intends to enter the social bond market and will be roadshowing its social bond framework beginning October 19, it said this week.

Swiss food and drinks company Nestlé extended and replaced €11bn worth of one and five year loans on Wednesday.

Chlorvinyls firm Inovyn, a subsidiary of chemicals group Ineos, was on course to shave 150bp from its 2024 term loans in a repricing on Thursday. But market participants warned that the trade betrays signs of a lack of discipline in the market.

General Insurance Corp looks set to close the largest Indian IPO in seven years, after offering investors a whopping Rp113.7bn ($1.7bn) deal — and managing to cover 75% of the book on the first day. That was a rare show of early demand for an Indian listing, but the deal was simply too big to ignore, said local bankers. Jonathan Breen reports.

Innogy, the German utility split off from RWE in April 2016, on Wednesday announced it would be holding investor calls about a new benchmark 10 year debut green bond issue. Later in the day, Standard & Poor’s upgraded the issuer to BBB.

The Chinese Ministry of Finance (MoF) has begun mandating underwriters to issue two tranches of sovereign dollar bonds – the country’s first outing in the dollar market for more than a decade.

United Overseas Bank sold its first dollar-denominated AT1 bond this week, managing to widen its investor base after regular appearances in its domestic market.

Don’t write an obituary for the dim sum bond market just yet. BOC Aviation and BMW showed there are still signs of life this week, pricing a pair of three year bonds that added variety to a market that clearly needs it.

Renewable energy firm China Singyes Solar Technologies Holdings’ new 364-day transaction saw a tight pricing on Wednesday, well inside its secondary curve.