HSBC

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.

Australian utility firm AusNet Services diversified its funding options this week with its first outing in Singapore dollars, printing a S$200m ($142m) hybrid.

South Korea’s Shinhan Bank has launched a non-deal roadshow in Europe and Asia ahead of its planned debut in the international bank capital market.

Two European sovereigns mandated for benchmark bonds in euros on Monday leading what is expected to be a scramble to get in and out of the primary market before the European Central Bank meeting on March 10.

With two rare loans for Turkish corporates in the market — a $400m loan for Borusan Holdings and a $50m facility for clothing company DeFacto — bankers are hoping that deal flow from the country will pick up, helping to fill the void left by sanctioned Russian borrowers.

Australian energy firm AusNet Services started attracting bids for a 60 non-call 5.5 year subordinated offering on Monday. The hybrid issuance is denominated in Singapore dollars and marks the company’s first outing in the currency.

Not all emerging markets bond bankers may agree with the strategy — with certain deal-hungry New York dealers particularly vociferous in their opposition — but Latin American sovereigns are placing increasing faith in the euro market for their international funding, writes Oliver West.