HSBC
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Multilateral development banks will focus more on providing credit enhancement and support to help small, emerging market borrowers bring their green bonds to market, according to the head of climate change at the European Investment Bank. Meanwhile, a French region visited the green market on Tuesday. -
Enticing conditions for Yankee issuers in the dollar market allowed HSBC to raise $5bn of holding company level senior debt in its first major deal of the year on Monday, and allowed BNP Paribas to brush aside any nervousness about the French elections for $1.25bn of tier two capital.
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As the market buckles up for a March rate hike, some fixed income investors are playing it safe, becoming price sensitive to new issues. Against that backdrop, China SCE Property Holdings priced a five non call three on Monday with guidance unchanged throughout the day.
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State Bank of India has increased its latest fundraising in the syndicated loan market to $750m, fully exercising a $150m greenshoe. Allocations to the foreign branches of Indian banks accounted for 40% of the final facility.
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Singapore-listed commodities trader Noble Group returned to the international bond market on Monday after a hiatus of nearly three years. Despite the continuous noise around the credit, investors appear to have put the company’s past behind them as they piled into the $750m deal.
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The European Stability Mechanism has nipped in ahead of a European Central Bank Governing Council meeting later this week to mandate banks for a 10 year euro benchmark. Other euro supply this week could come from Région Île-de-France, which held a global investor call on Monday for a green and sustainability bond.
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Deutsche Bank confirmed over the weekend that it was preparing an €8bn rights issue, alongside a fresh strategic overhaul that includes a partial IPO of its asset management division and the reintegration of Postbank.
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Singapore-listed commodities company Noble Group, ICBC International and China SCE Property Holdings were out of the gates on Monday morning for new dollar outings, coming before a widely expected Federal Reserve rate hike this month.
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ICICI Bank made an opportunistic move on Thursday, snagging a 5.5 year bond at the tightest spread for an Indian lender in nearly a decade.
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China Reinsurance (Group) Corp and China Cinda Asset Management Co ventured out on a busy Thursday with their respective five year prints that saw investors stand firmly by their sides. The two took a combined $3.8bn.
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Corporate borrowers are taking advantage of rising political worry among investors by issuing short dated floating rate notes in euros which stand a good chance of bearing negative yields, write Michael Turner, Ross Lancaster and Jon Hay.
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