HSBC

South Africa has opened books on a dual tranche 2028 and 2046 dollar bond after a turbulent summer and while the generous starting price is likely to generate momentum in the book, fears of a downgrade overhang the transaction with one investor telling GlobalCapital he saw better value elsewhere.

A range of credits from India, Malaysia and Greater China stormed the Asian debt market on Thursday, vying for investor attention.

Hong Kong-headquartered conglomerate CK Hutchison Holdings is readying a global sweep of debt markets to raise refinancing funds, announcing on Wednesday morning that it intends to sell a euro-denominated eight year senior unsecured bond just hours after announcing a dollar trade in Hong Kong.

Steinhoff, the South African retail group, has completed a €2.45bn capital increase supported by one of South Africa’s richest men, Christoffel Wiese, and the Public Investment corp, of which €556m was raised through an accelerated bookbuild which ended up being nearly four times oversubscribed.

The euro corporate hybrid market reopened on Wednesday as Energie Baden-Wuerttemberg sold the second leg of its intended two currency deal, the first part of which was said by onlookers to have been subject to poor market conditions early in the week.

The dollar market for SSAs is set to spark into life on Thursday, with one issuer lining up a debut deal in the currency and another attempting to print at the lowest spread to mid-swaps this year.

Phoenix Group Holdings, the UK life insurer and asset manager, will carry out a £735m rights issue to partly finance its takeover of Abbey Life, which it announced on Wednesday morning, causing its share price to rise by 3.6%.

Books were nearly $2bn for the UAE's Union National Bank’s return to the markets on Wednesday With issuance from UAE banks limited thus far, the 20bp-25bp starting premium offered good value, according to one EM banker.

CK Hutchison Holdings is seeking fresh funds to refinance debt, and is eyeing a dual-tranche dollar bond with five and 10 year tenors.

Babcock International, the UK support company for infrastructure and defence services, issued a £250m no-grow bond on Tuesday, the same day the Bank of England began buying sterling corporate bonds.

Municipality Finance has made its long awaited entrance into the green bond market with a dollar five year on the same day that a new green exchange launched.

Singapore Telecommunications raised $500m on Monday, a day when credit markets in Asia slumped. Nevertheless, the investment grade issuer managed to get away with offering no new issue premium on its bonds.