HSBC
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Guarantor: Federal State of North Rhine-Westphalia
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A tremendously supportive SSA market brushed off Thursday’s European Central Bank (ECB) meeting, printing all the way up to the morning of the press conference by bank president Mario Draghi, writes Lewis McLellan. -
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The dollar high grade bond market returned to barnstorming form this week following the summer break with a Who’s Who of corporate America tapping the market.
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French property company Icade printed its first green bond on Monday, on a day when no other corporates ventured into the bond market. Having the full attention of investors allowed the issuer to increase the deal to €600m and price 20bp tighter than initial price thoughts.
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On Tuesday, pharmaceutical firm GlaxoSmithKline returned to the corporate bond market for the first time since November 2014, and its rarity value contributed to combined order books of over €5.5bn for the triple tranche deal.
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The UK this week once again broke its record order book, with bankers suggesting the huge demand may have been down to investors taking their last chance for ultralong sovereign sterling paper for some time.
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A mid-market shake-out is under way in UK corporate broking as global banks and smaller rivals jostle for supremacy, writes David Rothnie.
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Spanish clothing retailer Cortefiel priced its leveraged buyout bond on Thursday, in a sign that the high yield market is open for challenging credits.
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China Petrochemical Corp (Sinopec) sealed its second benchmark transaction of the year, a four tranche $3.25bn deal, just five months after the state-owned company took home $3.4bn from a similar transaction.
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Investors embraced Philippine company Ayala Corp’s return to the dollar market after more than a decade away, funnelling $2.5bn into a $400m fixed for life deal that attracted attention for its rarity value.
