HSBC

Korea Resources Corp (KoRes) is set to make its first appearance this year in the international bond market, having mandated four banks to work on a dollar offering.

The unusual financing structure that China National Chemical Corp (ChemChina) is using for its $43bn acquisition of Syngenta drew a varied response from banks in Europe this week. Some saw the non-recourse structure for $20bn of the debt as shielding lenders from exposure to ChemChina, while others did not.

Two Turkish bond deals this week were seen as a welcome treat for investors starved of recent supply from the country, and more is still in the pipeline.

British Telecommunications plc (BT) on Thursday joined the surge of blockbuster multi-tranche deals that has hit the euro bond market since mid-February as it raised €3.9bn of bonds across three tranches.

Petroceltic, the Irish oil and gas exploration firm, has told shareholders that the company's future rests on the willingness of its lenders to continue to offer waivers on loan repayments.

Malaysian telecommunications company Axiata Group has mandated three banks for a quick return to the Islamic bond market.

United Overseas Bank sold a landmark transaction this week, printing the first euro-denominated covered bond from Asia, and plans to become a frequent issuer in the market.

The recovery in Europe’s corporate bond new issue market continued on Wednesday, with three successful issues — one each in sterling, euros and Eurodollars. By far the largest was the return to its home market of Motability Operations, the non-profit organisation which provides cars and other vehicles to disabled people in the UK.

HSBC followed through on its plans to issue loss-absorbing debt from its holding company on Wednesday, putting a big dent in its issuance targets with a $7bn deal.

The SSA market has seen a deluge of deals this week as issuers in both dollars and euros look to raise funding before the European Central Bank and the US Federal Open Market Committee meet in coming weeks, which could cause disruption.

The only spark of new issue activity this week from CEEMEA is an Islamic Development Bank sukuk, but EM bankers in London are also busy with a European roadshow from Femsa.

KfW is set to print a 10 year euro benchmark, following in the footsteps of Belgium and Finland, this week as issuers attempt to conclude funding before the European Central Bank’s meeting on March 10.