HSBC

Canadian Imperial Bank of Commerce this week priced the first negative yielding non-Eurozone covered bond, with a well oversubscribed order book and a tiny new issue concession.

An attempted coup in Turkey last Friday threw its borrowers into a maelstrom of pulled bonds, credit rating uncertainty, and the country itself into a three month state of emergency. Unlike their loan market counterparts, bond and money market investors have been wary of calling the bottom of the resulting sell-off, but the damage is contained as EM bond inflows enjoyed another record week, writes Francesca Young.

The first sterling senior unsecured FIG deals to hit the market since the Brexit vote brought in astonishing demand, first for a blockbuster £1bn trade from Wells Fargo, followed by a bond from Bank of America Merrill Lynch that brought total sterling issuance to £1.75bn on the week.

Kazakhstani crude oil company Tengizchevroil (TCO) pulled in pricing 50bp from initial guidance on Wednesday to print its $1bn 2026s only 10bp over the Kazakhstan sovereign, according to a bookrunner on the deal.

The Asian loans teams at three banks have seen changes recently following exits in Hong Kong and Singapore.

China Minmetals Corp printed its first dollar bond of the year on Wednesday, replicating the same structure as its last outing a year ago. While some market participants reckoned the issuer was aggressive with pricing, the secondary performance of the notes indicated otherwise.

Greenland Hong Kong and China Railway Group opened books for their respective dollar bonds on Thursday after meetings with investors earlier this week.

A Hong Kong-based senior banker at HSBC, who has worked in the syndicated loans team for nearly a decade, is understood to have left the bank.

Israeli-American pharmaceutical company Teva made a swift entry into the European investment grade corporate bond market on Wednesday, winning an order book to rival AB-InBev’s €13.25bn record breaker.

Dutch-American materials firm Advanced Metallurgical Group has amended a $320m loan. The issuer also improved the terms of the deal, having made a commitment in 2011 to lower its leverage.

Kazakhstani crude oil company Tengizchevroil (TCO) has released price guidance for its $1bn 10 year bond at 300bp over US Treasuries, a level that one analyst called fair.

China Minmetals Corp started attracting attention from investors on Wednesday morning, taking bids for a dollar offering divided into a five and 10 year.