HSBC

The SRI bond pipeline for public sector borrowers looks fit to burst, with a string of issuers planning deals and KfW setting a marker with a thumping trade this week.

Dutch biotechnology firm Qiagen has launched a tightly priced €150m dual currency Schuldschein, with investors treating the Germany-headquartered firm as a domestic issuer.

Public sector borrowers in the euro market on Thursday focused their attentions on the long end of the curve, but not every trade made it to full subscription.

Rabobank has mandated leads to take its debut covered bond on the road. Covered bonds will improve Rabobank’s net interest margin and help diversify its investor base, the bank’s global head of long term funding, Sjaak-Jan Baars, told GlobalCapital.

CK Hutchison sold a hybrid bond featuring a dual-step structure this week, designed to qualify for partial equity treatment from ratings agencies. While demand was strong for the $1bn deal, priced off the back of a $4.25bn book, some handholding was needed to make investors comfortable. Addison Gong reports.

South Korea’s Woori Bank sealed its third Basel III additional tier one deal on Monday, raising $500m just before the country held its long-awaited presidential election.

Toyota Motor Finance (China) Co is back with its Rmb3bn ($434.5m) Glory 2017 Phase I Auto Loan Credit Asset-backed Securities, while Beijing Hyundai Motor Group is looking to launch its first auto ABS transaction of the year. Both deals are set to open next week.

WuXi BioLogics, which is planning a $200m-$300m IPO in Hong Kong, is set to begin investor education next week if the stock exchange grants it approval at a listing hearing on May 15, said a banker close to the deal.

A Hong Kong-based banker in the Asia Pacific leveraged finance team of HSBC has resigned, and is understood to be heading to Bank of America Merrill Lynch, according to sources.

Hong Kong developer Cheung Kong Property Holdings (CKP) and Chinese company Huachen Energy Co both opened books for new dollar deals on Thursday.

Hong Kong’s Bank of East Asia launched a new Basel III additional tier one dollar deal on Thursday morning, following a roadshow earlier in the week.

The European Financial Stability Facility has sent requests for proposals for a trade next week, as a pair of rare issuers on Wednesday placed deals flat to or through fair value in a euro market buoyed by Emmanuel Macron’s election as French president last weekend. Longer dated trades — of which the EFSF has sold several this year — also look to be back on the table for borrowers.