HSBC

The rise of Barclays and HSBC in UK investment banking, against a backdrop of falling fees and political uncertainty, puts further pressure on an already crowded market and the squeeze will only get worse, argues David Rothnie.

NRW.Bank doubled its initial size target with a two year floating rate note on Thursday, with the strength of demand partly due to investors looking for floating rate paper ahead of an expected target rate rise by the US Federal Reserve next week, according to one of the leads.

Turkey took €2.5bn of orders for its new euro trade on Wednesday, which bankers said was a strong showing despite the fact that market volatility and Turkey’s involvement in the Qatar crisis meant that the issuer did not print at the tight end of guidance.

State Bank of India, which wrapped up a $500m syndication with 21 lenders this week, is already eyeing a new borrowing of about the same size, said bankers.

With policy and regulation, businesses, consumers, investors, and technology all pushing sustainable finance rapidly into the mainstream, HSBC discusses the market’s outlook and opportunities.

Hong Kong’s FWD Group and AMTD Group Company have started taking orders for their respective unrated perpetual bonds. The former is seeking a zero coupon subordinated deal, while the latter is marketing a senior transaction — its second international offering.

Indian lender IndusInd Bank is planning to roll out a $300m syndication with four mandated lead arrangers and bookrunners next week.

Chinese high yield company Hilong Holding has mandated banks for a dollar bond.

Liberty Global’s UPC Holding locked in a coupon of below 4% for a 12 year bond, the longest maturity for a new deal in the European high yield market so far this year.

Eurozone issuers crammed into the euro market on Wednesday ahead of a European Central Bank meeting.

Turkey has returned to the market with a euro trade as it looks to re-engage with investors and refresh its “stale” curve.

A pair of eurozone periphery SSAs are tackling opposite ends of the euro curve this week. Italy will launch a 30 year benchmark on Wednesday, while a Spanish agency drew a doubly subscribed book for a three year.