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State Bank of India has zeroed in on six lenders for a $600m financing. Although the mandate has been firmed up, general syndication will likely launch next year, said a banker close to the deal.

China National Chemical Corp (ChemChina) is meeting investors for a euro bond this week, as it looks to raise funds to pay down debt taken for the acquisition of Italy's Pirelli.

CMB Financial Leasing Co launched its debut international dollar bond on Monday with three and five year tranches, as ICBC London rolled out a three year floating rate note.

In this round-up, the Hong Kong Stock Exchange saw surges in trading of offshore RMB (CNH) futures, BMO became the first Canadian bank to become market maker for CAD-RMB direct trading, and the country of Djibouti is launching a Silk Road Bank. Plus a recap of GlobalRMB’s top stories this week.

Covered bond supply surged to its highest levels in seven months this week, as issuers scrambled to raise funding before the end of the year and costs soar even further.

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Violent volatility as bond investors adapted to a new rates landscape following the election of Donald Trump as US president quelled demand for public sector paper this week, with one issuer understood to have opted against bringing a planned deal. There is hope that calm will return in time for the January funding rush — but some fear the president-elect represents a continuous risk to market harmony.

The Schuldschein market is finishing its busiest year ever with the foot on the gas, with more than 20 deals in the market at once. Investor demand is not expected to dip as a result of the scrum, but some deals may not see brimming levels of oversubscription, according to bankers.

Varta AG, the German micro-batteries manufacturer spun out of the historic Varta Group in 2002, has announced the price range for its Frankfurt IPO, aiming to raise €150m.

Banks and insurers have avoided printing senior or subordinated debt in the euro market this week, after determining that the recent rates volatility meant they would have to pay up for the privilege.

Bank of Baroda has rolled out its $300m three year into general syndication with the help of four leads. Pricing is close to what State Bank of India, the country’s largest lender, paid for its last three year facility.

Bayer successfully pulled off what was arguably this year’s biggest European ECM deal on Tuesday night, with a €4bn mandatory convertible and €1.5bn delta equity placement. But although both were fully sold and have traded stably, a good number of deal-playing investors are still putting in small orders.