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HSBC

  • State Bank of India has allocated its latest $500m borrowing, finding demand from eight new lenders during syndication.
  • China Development Bank sold a $1bn bond on Thursday, wrapping up its third offshore outing of the year. Thanks to its quasi-sovereign status as well as savviness in timing, the policy bank managed to catch an opportune window for issuance.
  • Stadshypotek was lucky to raise €1bn of six year funding at 3bp over mid-swaps on Monday, a feat that leads said would not have been possible on Tuesday as markets deteriorated.
  • Eutelsat, the French satellite operator, managed to issue a €500m no-grow five year bond on Thursday, despite the ever-fraying nerves about Brexit — though it offered a sizeable new issue premium.
  • Hotelbeds, the Mallorca-based travel services operator, has widened pricing on its €490m cov-lite seven year term loan ‘B’ following a muted investor response.
  • Asia’s bond markets have remained resilient despite a Federal Open Market Committee meeting this week and rising concerns about the UK referendum on European Union membership. With deal flow building up for next week, bankers said Asian issuers stand to benefit from volatility in Europe, writes Narae Kim.
  • Ooredoo executed a swift deal to snap up $500m ahead of the US Federal Reserve's interest rate meeting on Wednesday, printing inside its curve as demand for Middle East credits defied weak markets.
  • Restrictions on launching A-share linked financial products is one of the remaining hurdles for Chinese equities joining the MSCI. But as solving the issue will require China to relinquish more capital controls, there is unlikely to be a swift conclusion.
  • FIG
    FIG spreads have come under pressure this week, with nervousness creeping into the market following new polls on the UK’s referendum on EU membership.
  • South Korea’s Woori Bank is expected to bring a dollar-denominated Basel III additional tier one bond to the market as early as September after its plans were abruptly put on hold in April due to a proposed changes in rules.
  • Index provider MSCI has surprised markets by once again delaying the inclusion of A-shares in its Emerging Markets index. While some progress has been made, China still has more work to do to tackle concerns around repatriation and restrictions on launching financial products linked to onshore exchanges, the firm said on June 14.
  • Sysco Corp, the US food service group, completed the financing for its acquisition of UK peer Brakes Group on Tuesday with a €500m bond that was successfully sold in the teeth of market volatility.