HSBC

Export-Import Bank of Korea (Kexim) executed yet another blockbuster $2.5bn trade on Thursday just a few months after printing a deal of the same size. Korea's first four-tranche trade drew a strong response from the market, allowing the policy bank to price inside its existing curve.

CFE provided a strong base for fellow Mexican quasi-sovereign Nacional Financiera to issue as soon as next week after selling a long 10 year bond on Tuesday that tightened 10bp-12bp in the two days after pricing.

Including redemptions and central bank buying, the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise, then, that three seven year deals issued this week by Ibercaja, Banco Sabadell and Bank of Montreal were swamped with demand.

The European Stability Mechanism is close to deciding on the format its first dollar benchmark will be printed in, while a deal due this Friday could open up to longer dated tenors what has already been an extremely strong dollar market in the three year part of the curve.

Export Development Canada will on Friday join a rampant dollar benchmark market and could open end up giving issuers more options after choosing a more daring maturity than those executed in the last few weeks.

The IPO of TI Fluid Systems, the UK maker of car brake and fuel lines, was scrapped on Thursday — the third flotation to be cancelled this week. That of Biffa, the UK waste management group, is hanging in the balance.

German agrichemicals company Bayer has concluded its $56.9bn loan syndication, getting a roaring response from more than 20 relationship banks in the largest syndicated deal of the year.

Hong Kong-listed company Li & Fung has established a $2bn medium term note and perpetual securities programme, appointing Citi and HSBC as arrangers.

Malaysia’s Tenaga Nasional sold its first dollar sukuk on Wednesday, attracting $2bn of bids as investors shrugged off concerns around the country. While participants said that that the sukuk market has always been open for borrowers, they are hoping that the power company’s deal will fuel more issuance. Addison Gong reports.

Doosan Bobcat’s planned W2.4tr ($2.2bn) IPO in South Korea fell through this week on the back of an over-aggressive pricing strategy. Investors also withdrew their support after poor communication from the leads apparently resulted in conflicting messages on the progress of the bookbuilding. John Loh reports.

China’s push to elevate the global status of the renminbi seems to be working well with the currency’s usage rate among global corporates going from strength to strength, according to the results of HSBC’s 2016 RMB Internationalisation Survey.

A diverse group of issuers forged ahead with their respective fundraisings on Thursday, seeking everything from dollars to Singapore dollars and green debt.