HSBC
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Vodafone has mandated six banks for the IPO of its Indian arm, which could raise up to $2.5bn, according to sources close to the situation. -
Ezdan Holding, a Qatari property company, has mandated two banks for its debut sukuk and is embarking on investor meetings on Thursday.
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Better than expected first quarter results from HSBC on Tuesday demonstrated the unfashionable truth that giant universal banks do get a diversification benefit, even when financial markets are in turmoil and interest rate margins are under pressure.
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Chinese regulators gave Mainland-based corporates more breathing space by simplifying access to offshore borrowing and injecting more dollar liquidity in the onshore foreign exchange (FX) market on April 29.
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HSBC’s Asia business took a hit in the first quarter of 2016 with profits from the region slumping. But there were some pockets of hope, with syndicated lending and M&A activity in China driving growth for the UK-headquartered lender.
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Industrial and Commercial Bank of China’s Singapore branch has ventured out to the dollar bond market straight after the end of Labour Day holidays, launching a three year offering on Tuesday.
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Colombian lender Banco de Bogotá is looking to issue up to $1bn of tier two 10 year notes, although Moody’s said that the bonds will do little to address the bank’s low capital ratio.
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Indian state-owned hydropower producer NHPC has wrapped up its Rp27bn ($406.4m) offer for sale, which saw a quick flood of demand from institutional investors but a weak response from retail buyers.
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Chinese technology group Huawei Investment & Holding left nothing to chance with its $2bn bond return. It paid up to compensate for the size of the deal and to soothe investor concerns over the poor secondary performances of other recent deals.
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State Grid Corp of China is set to go on the road next week to gauge interest for a dual-currency bond, as it seeks to raise funds in dollars and euros.
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In this round-up, London overtakes Singapore as an RMB hub, foreign ownership of onshore RMB assets picks up, QDII products see further growth, and the US and China plan June economic meeting. Plus, a recap of our top stories this week.
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