HSBC

The prospect of a far-right leader becoming president of France rocked government bond markets this week. It led to a rare pulled French agency deal and will cause the country’s banks problems with their own huge funding needs. But as other issuers in eurozone countries facing elections showed, the picture of the risks ahead is complicated. Craig McGlashan reports.

Rating: A1/ A+/—

Saudi Aramco is set to appoint up to five banks to advise it on its potential initial public offering after a six month pitching process reached its climax this week. Contrary to earlier reports, Moelis & Co will not be the sole adviser, but will be joined by another independent, two bulge bracket banks and a local firm, writes David Rothnie.

The Asian Development Bank on Thursday hit new heights in benchmark issuance, as it sold its largest ever single tranche deal in a week that has been marked by tricky conditions.

France’s Klepierre printed a €500m 10 year trade on Thursday, with bankers still waiting for a euro issuing corporate to take the step and stretch maturities in the currency further.

Elis, the French bed linen and laundry company, has completed its oversubscribed €324m rights issue to finance the reduction of its leverage after buying competitors Indusal in Spain and Levebras in Brazil.

Istituto Centrale delle Banche Popolari Italiane (ICBPI) on Thursday sold a payment-in-kind bond to fund its latest acquisitions in the consumer card sector.

China Singyes Solar Technologies Holdings sealed its debut dollar bond on Wednesday after pricing was tightened by an impressive 55bp. Strong market conditions, a familiar name and the deal’s structure played well together for the unrated trade, reckon market participants.

China Construction Bank sealed a €500m deal through its European arm on Wednesday, securing ample investor interest from both Asia and Europe to price with negligible new issue concession.

Future Land Development Holdings is hunting for $350m from a new three year note launched on Thursday morning, with pricing tightened aggressively at the end of the day.

Silgan Holdings, a maker of consumer goods packaging in the US, this week priced the first cross-border high yield deal of 2017 as it plans to repay term loans.

The Autonomous Community of Madrid launched its largest syndication in two years on Wednesday, in spite of difficult conditions in the euro market.