HSBC

The influx of Chinese M&A into Europe has brought the terrifying task of evaluating the credit risk of clandestine Chinese state-owned enterprises — but the loan structures used so far protect lenders from the unknown.

All bonds great and small from the Iberian market were available on Tuesday, as the Spanish sovereign brought a long-awaited 30 year syndication and the Community of the Basque Country made a rare visit to the market.

Issuers lined up to print in euros on Tuesday as a vital European Central Bank meeting loomed later in the week — but bankers were divided as to how much the flurry of deals was down to concerns over the central bank meeting.

There was a double breakthrough in dollars for public sector borrowers on Tuesday, as Bank Nederlandse Gemeenten reopened the 10 year part of the curve for core issuers for the first time in seven months and Sweden priced the tightest three year benchmark since the first week of the year.

Ten of the 11 banks that underwrote Saipem’s €3.5bn rights issue sold the bulk of their remaining overhang in the stock in a block trade on Monday night, making a gain. But Banca Imi decided to take the riskier path of selling its holdings by itself at a later date.

Kuwait Projects Company (Kipco) was on track to print 2016's first corporate bond from CEEMEA on Tuesday as Turkish conglomerate Koc Holdings also said it would issue a seven year bond.

The FIG senior unsecured market welcomed lower beta trades from DVB Bank and Dexia Crédit Local on Tuesday, as bankers started to turn their attention to Thursday’s European Central Bank meeting.

HSBC’s head of European FIG DCM in London has fallen victim to the bank’s latest reorganisation, GlobalCapital understands.

All but one of the banks that underwrote Saipem’s €3.5bn rights issue, and were left holding €427m of the Italian oil and gas engineering group’s stock, are selling down their stakes tonight.

Core eurozone issuers are set to pepper the euro curve over the next two days, before all attention turns to a much anticipated European Central Bank meeting on Thursday.

The Bank of England has printed $2bn of three year paper from a heavily oversubscribed book, as fears of a UK exit from the European Union showed no impact on the central bank’s bonds.

Public sector borrowers from the eurozone periphery are preparing a flurry of issuance in the next few days, with one still smarting from a change to its rating outlook late last week.