HSBC
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Hilong Holding debuted in the bond market on Thursday with a $250m three year bullet, managing to somewhat defy concerns around its concentration in the volatile oil industry. -
The revival of equity-linked issuance in Europe continued this week with three deals, all of the kind investors are looking for: from smaller companies with higher credit spreads and interesting equity stories.
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Remarkably supportive conditions in the euro market allowed some rare SSA names to pull off strong deals this week, including a debut in the currency and a return from a two year hiatus.
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ALD, the car leasing division of Société Générale, priced its €1.15bn Paris IPO near the bottom of its initial range on Thursday.
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Foncière des Régions printed the only new corporate bond issue on Tuesday. The €500m 10 year deal got a similar reception to TenneT’s dual tranche deal the day before. The level of oversubscription was lower than other deals in recent weeks, but the order book was good quality.
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TenneT, the Dutch electricity grid company, brought a €1bn dual tranche green bond issue on Monday that was oversubscribed, but by less than other recent deals. However, the quality of the book helped both tranches perform in the secondary market.
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US telecoms company AT&T returned to European markets on Wednesday with a £1bn September 2037 bond, as it followed up a €7bn multi-tranche deal it sold just a week earlier.
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VIP Turkey Enerji, a subsidiary of oil and commodity company Vitol, has signed a $700m syndicated loan with 14 banks to finance the acquisition of Petrol Ofisi, Turkey’s largest oil distribution company.
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FWD Group wowed the Asian dollar bond market with a rare $500m zero coupon subordinated perpetual non-call five deal this month, catching investor interest thanks to its backing by high-profile investor Richard Li.
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HNA Group company Hainan Airlines Holding Co rolled out a 364 day bond on Thursday, becoming the second issuer to seek a short-term deal recently. Meanwhile, Chinese oilfield equipment provider Hilong Holding is selling an inaugural three year note.
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Vimpelcom raised $1.5bn at its holding company level on Tuesday, as it looks to complete its transition into a more streamlined, western-looking borrowing entity. Though it appears to be looking to shake off its Russian associations, investors say the risk is still the same.
