HSBC

Sustainability bonds are the flavour of the week for regional issuers, as the State of North Rhine-Westphalia smashed the size record for sub-sovereign SRI bonds on Tuesday and Île-de-France hit screens to announce its own socially responsible investment bond.

South Korea’s Hyundai Capital Services timed its $600m outing well, thriving on its strong name recognition and the variety it added to the debt market to put together a fairly priced deal.

China Development Bank became the latest name to take advantage of a liquidity-abundant market, snapping up $3bn-equivalent from three floating rate tranches in two currencies — in one of the largest FRN trades out of Asia.

UniCredit, the largest bank in Italy, has formally finished its €13bn rights issue after selling the unexercised rights on the market for €15m.

The public sector dollar market is showing a few signs of life this week as KfW and the European Bank for Reconstruction and Development picked banks for benchmarks, while the Bank of England launched its annual foray in the currency.

Harvest Operations Corp said last Friday that it has completed a C$1bn ($763m) refinancing, comprising a new term loan and restructuring of an existing credit facility.

Issuers from Greater China are set to storm the debt market soon with China Reinsurance Finance Corp, China Cinda Asset Management Co, Grand China Air Co and Pacific Century Premium Developments eyeing dollar offerings. Separately, New China Life Insurance Company has got the green light from its board to raise funds offshore.

China Development Bank Corp is making a swift return to the debt market with a floating rate transaction split between three and five year dollar portions and a 2020 tranche denominated in Hong Kong dollars.

Hyundai Capital Services opened books for a 144A/Reg S bond on Monday, its first outing this year. Issuers from South Korea have been active in DCM in 2017, but HCS will be the first non-bank financial credit from the country to woo investors.

The UAE’s Majid Al Futtaim will begin investor meetings in Asia next week for a subordinated perpetual bond, the first from the Middle East this year.

Industrial Bank of Korea has bagged W193.5bn ($171.4m) after cleaning up its position in Korean hypermarket chain E-Mart, according to a term sheet seen by GlobalCapital Asia.

Korea National Oil Corp will host a global roadshow next week ahead of a new international bond, to be sold in dollars and/or euros.