HSBC

India’s Azure Power Energy made its debut in the international bond market with a dollar green transaction on Thursday. But the solar power issuer had to pay up to secure $500m in a week that caused difficulties for Indian markets.

Rating: Caa2/B-/CCC

Greece’s comeback bond this week should build on its already strong secondary performance, said SSA bankers, paving the way for the sovereign to bring more deals before its scheduled bail-out exit in August 2018. Bankers were quick to point out that while the deal resembled its last comeback trade in April 2014, much has changed since — including its cost of borrowing.

International Finance Corporation introduced the Kauri market to green bonds on Thursday, after opening books on a socially responsible New Zealand dollar note with a NZ$100m ($75.2m) minimum size.

With no new issues pricing on Thursday, and no sign of Superstrada Pedemontana Veneta’s €1.55bn dual tranche deal, it could be left to The Housing Finance Corp (THFC) to save the investment grade corporate bond market from a three day run without any issuance.

The three new issues and one tap that priced in the investment grade corporate bond market this week were all two to three times oversubscribed, but a thinning supply pipeline and the excuse of a Fed meeting meant no deals were launched on Wednesday or Thursday. However, three issuers are looking to issue before the summer break, following meetings with investors.

The musical chairs in Hong Kong’s equity capital market hit a crescendo this week, as senior bankers from both bulge brackets and Chinese firms took turns swapping seats. With several positions still left to be filled, the movement is unlikely to stop soon. But all this points to a sustained rise in business, writes John Loh.

HSBC has hired an SSA syndicate banker from NatWest Markets, with the new recruit set to make a switch to FIG syndicate, GlobalCapital understands.

Indian solar energy producer Azure Power Energy started marketing its debut international green bond on Thursday. The deal was announced two days after another Indian energy firm, Continuum Energy Levanter, pulled its own dollar bond.

Hungary plans to make regular returns to the Panda bond market after making a successful debut this week, György Barcza, chief executive of the country’s debt management office, told GlobalRMB.

NRW.Bank announced on Wednesday that it will go on the road at the end of August to market its fifth green bond.

The corporate bond deals priced so far this week show a robust market. A US Federal Reserve meeting and a thinning pipeline may have resulted in a maiden over of a Wednesday, but hopes are high of primary business picking up before the end of the week.