HSBC
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Instituto de Crédito Oficial (Ico) sold its third social bond on Monday, printing €500m of four year paper with what bankers on the trade said was a skinny new issue premium. -
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Guarantor: Kingdom of Belgium (51%), Republic of France (45%) and Grand Duchy of Luxembourg (3%)
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Spiralling core eurozone government yields helped the European Financial Stability Facility pull off a cracking dual tranche trade this week, picking up a hefty €3.5bn at the long end. That led to speculation that other issuers could look to grab some long end funding before the summer — but with rates still rising and a weak French sovereign bond auction on Thursday, the window may have passed.
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Dexia Crédit Local this week brought the first £1bn-plus sterling deal from an SSA issuer since a shock UK general election result in early June, with what one SSA syndicate head away from the trade called a “phenomenal” result. The deal came as speculation mounted that the Bank of England could next month raise its base rate for the first time in more than a decade.
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Bank Nederlandse Gemeenten (BNG) launched a three year dollar floater on Thursday, pricing at what one of the leads said was flat to the issuer’s curve, deftly navigating a tricky week for dollar borrowing.
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Bank Nederlandse Gemeenten launched a three year dollar floater on Thursday, pricing at what one of the leads said was flat to the issuer's curve.
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Lotte Chemical Titan sealed the largest Malaysian IPO in nearly five years this week, raising MR3.8bn ($884.0m). But the deal was anything but pretty. After a bungled first attempt at building a book, the issuer was forced to return with a smaller offering and lower price range. Jonathan Breen and John Loh report.
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Environmental service firm Adler & Allan is refinancing all of its debt with a sub-£100m ($130m) unitranche loan from HSBC and alternative investor Bain Capital Credit. The product can pose competition to high yield at bigger sizes, said sources.
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HSBC and Bank of East Asia have won approvals from the China Securities Regulatory Commission to set up joint venture securities companies in the mainland.
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Argentina’s largest province will begin investor meetings on Friday ahead of a planned euro-denominated bond sale, according to DCM bankers close to the deal.
