HSBC

Gulf banks brought much needed variety to the sukuk market this week with single-A rated Qatar Islamic and double-B rated Albaraka Banking Group offering debt at both ends of the rating and capital spectra.

Korea Water Resources Corp as well as developers Sun Hung Kai Properties and Logan Property Holdings launched new dollar deals on Tuesday morning.

The public sector debt market is in for another hectic week of borrowing as issuers flock to take advantage of the superb conditions left in the wake of Emmanuel Macron’s victory in the French election.

The Province of Quebec will print in sterling for the first time in over 20 years after hiring banks on Monday for a five year deal, joining other Canadian provinces in returning or debuting in the currency in 2017. The trade will come in the same week as the UK sovereign sells the first syndication of its 2017-18 financial year.

UniCredit and HSBC opened books on new additional tier one (AT1) bonds on Monday, as banks took advantage of extremely supportive primary market conditions to bolster their stocks of debt capital.

Turkey’s Garanti Bank is expected to capitalise on the strong rally in emerging market credit to print its debut Basel III-compliant tier two capital bond this week, and bankers are wondering how much of the recent market tightening will be seen in the price.

Bank of Communications’ investment banking arm has scooped up HK$1.8bn ($231.2m) from its IPO, pricing near the bottom of guidance to ensure a quality book.

Cheung Kong Property Holdings (CKP) wrapped up Asia’s largest fixed-for-life perpetual on Thursday with a 4.6x covered $1.5bn bond. The group’s credentials and the rarity value of high grade corporate perps added to the deal’s success, helped also by the fact that the instrument has its own following, said bankers.

Bank of East Asia wrapped up a new Basel III additional tier one deal on Thursday, applying the lessons it learnt from its previous subordinated note outing.

One of Asia’s most frequent borrowers BOC Aviation has mandated six firms for a dollar-denominated Reg S outing, with roadshow set to take place early next week.

Emmanuel Macron’s election as French president last weekend was the catalyst for a flood of revved up euro deals this week, with issuers and investors aiming at the long end of the curve as the biggest known political risk in Europe this year passed with a market-friendly outcome. Craig McGlashan reports.

The European Union has issued its first-ever Schuldschein, and may issue further such deals.