HSBC
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There was a steady stream of sterling deals in the supranational and agency market this week, amid confidence that volumes will keep up until the UK’s referendum on European Union membership is imminent.
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Norwegian issuer SR Boligkreditt and New Zealand borrower Westpac NZ will both take new euro deals on the road before the end of May, and the UK’s TSB has confirmed covered bonds will form part of its long term funding.
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Caja Rural de Castilla-La Mancha this week issued the first Cédulas in more than two months and swept aside concerns that peripheral issuers would need to pay lavish new issue concessions.
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Nederlandse Waterschapsbank showed the bid for duration in euros is alive and well, after a rapid book build on Thursday on its debut 20 year euro syndication, while a French agency lined up a dual tranche deal. -
Indonesian state-owned oil company Pertamina has requested proposals from banks for a $1bn five year loan that includes a greenshoe option, according to bankers.
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Export-Import Bank of Korea (Kexim) set a new benchmark this week with what bankers say is the first triple tranche deal out of South Korea. The policy bank managed to bring high quality US investors into its three year notes, while also sealing tight pricing on the longer-dated portion.
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Export Development Canada is set to join what one SSA banker described as a “ridiculous” dollar market, where issuers are selling in big size and with little or no new issue premiums.
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Export Development Canada sold its largest bond in sterling in over two years on Wednesday as investor appetite for the currency showed little sign of abating.
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Hanesbrands, the North Carolina clothing maker, printed a €500m bond on Thursday to fund recent acquisitions in Italy and Australia.
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A slumbering euro market for core issuers kicked into life on Wednesday, as Nederlandse Waterschapsbank looked to take advantage of a strong bid for duration and the European Financial Stability Facility sent out a request for proposals for its deal window next week.
