HSBC

Orders for Saudi Arabia’s debut sukuk were over $17.5bn at the first official update on Tuesday afternoon.

The pace of borrowing has slackened for public sector borrowers as Easter approaches but a few are still out hunting for second quarter funding.

Issuers from the Gulf have taken over emerging markets bonds with Saudi Arabia on track to print its debut sukuk on Tuesday. Multiple tranche deals are the flavour of the week with Romania, Mubadala and KazmunayGas all offering multi-faceted deals.

Saudi Arabia was offering up a 20bp-25bp NIP over its conventional bonds at price talk for its debut sukuk on Tuesday, as banker’s debated where the deal will land relative to it’s conventional bond debut.

Bank of China launched its multi-currency, multi-tranche transaction on Tuesday morning, as Citic Securities also opened books for two tranches of dollar notes.

Unédic and Austria have announced that they will sell euro benchmarks at the long end of the curve on Tuesday.

Dubai retailer Damac Real Estate was out with a five year sukuk on Monday — a deal which featured a Russian bookrunner for the first time on a Gulf deal — as Mubadala marketed a conventional dual tranche dollar bond following its merger with IPIC.

Bank of China, CCB Life Insurance and Citic Securities kicked off investor meetings and calls this week, in pursuit of Reg S deals.

Yida China Holdings, Peking University Founder Group Company, Red Star Macalline Group Corp and HKICIM Group are looking to hit the offshore debt market, mandating banks for their respective Reg S transactions on Monday.

Road King Infrastructure (RKI) is spinning off its expressway business in Hong Kong via an IPO that could fetch $500m in the third quarter, said sources close to the deal.

Deutsche Bank has successfully completed its fourth capital raising since the financial crisis, as investors backed CEO John Cryan's turnround plan with a 98.9% take-up rate.

Regal Hotels International Holdings locked in $225m on Thursday from a fixed-for-life perpetual non call five on the back of over $1bn of demand at its peak. While the issuer timed its deal well, it was not everyone’s cup of tea, said bankers.