HSBC
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China State Construction Engineering Corporation sealed a dual-tranche offering split between a three year and five year this week, coming to the market in a week that hosted other deals from Chinese state-backed companies. But thanks to its link to the central government, the issuer managed to raise $1bn effortlessly. -
Samvardhana Motherson Automotive Systems Group finally broke India's high yield silence, printing the first trade in over a year. Market participants expect the success of the deal to encourage more Indian HY names to sell bonds the second half of the year.
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The response to some of this week’s dollar deals has got some bankers believing that next week’s US Federal Reserve meeting might not prove to be the market shutting millstone that it had promised to be just a few weeks ago.
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NordLB’s Luxembourg subsidiary issued its longest maturity covered bond on Tuesday and paid a paltry premium, but the double digit pick-up failed to draw much excess demand.
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Kommunalbanken on Thursday sold its largest floating rate note ever — and the largest floater from an SSA since early March — as bankers away from the trade said the “stars aligned” for the issuer.
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Bank of Montreal (BMO) issued its debut dollar legislative covered bond on Thursday, achieving the tightest spread of any covered bond issued this year in the currency.
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Cades more than doubled its minimum size target for a euro benchmark tap on Thursday, as the European Investment Bank also printed a large euro tap.
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Two banks have agreed €265m of term loan facilities with Intertrust to support its acquisition of Elian. The loan will be syndicated to a larger bank group.
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RPC Group, the UK plastic bottle manufacturer, has amended its £770m revolving credit facility agreement to include a £70m facility, which will part fund its acquisition of British Polythene Industries.
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Ooredoo, the Qatar telecoms company, formerly Qtel, is roadshowing a dollar benchmark via eight banks, potentially adding to increased bond supply from the country, which already stands at seven times the full year total for 2015.
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HSBC’s new co-head of global banking has drawn on his experience as corporate broker to the firm, enabling a rapid overhaul of the division that augurs well for its future ambitions, writes David Rothnie.
