HSBC

State Bank of India has picked banks for a fresh $500m fundraising that is expected to launch into syndication in the next couple of weeks.

Cochin Shipyard is going through pitches from nine local banks for an IPO in India that could raise more than Rp10bn ($147m), with the state-owned firm expected to choose up to three lead managers.

The merger between capital financing and banking is a logical staging post in the transformation of HSBC’s investment banking aspirations, writes David Rothnie

Syngenta will imminently launch into syndication its European non-recourse loan for its acquisition by ChemChina, according to a banker familiar with the deal.

Genus, the bovine and porcine genetics company, retained all of its relationship banks when it signed a £160m revolving credit facility on Monday.

HSBC has hired Matthew Westerman, former chairman of EMEA investment banking at Goldman Sachs, as co-head of global banking. The division will expand to take in capital financing and the larger clients from commercial banking.

Bahrain’s decision to revive last week's cancelled bond sale was driven by reverse enquiry from investors who were unperturbed by the issuer’s new junk status, according to bankers on the deal.

The Singapore government’s investment arm Temasek Holdings ventured into the euro-denominated bond market for the first time this week with a dual tranche offering driven by reverse enquiry.

The Middle East has provided the only source of CEEMEA supply so far this week. Bahrain bounced back to hog the spotlight, returning to tap $600m of bonds less than a week after an unexpected Standard & Poor’s downgrade led the issuer to cancel a previous $750m attempt. Meanwhile, yet another Latin America sovereign came to the euro market.

The African Development Bank is set to bring its first benchmark of 2016 in what is proving to be a quiet week for dollar deals.

HSBC is the ultimate test for the international rules on total loss-absorbing capacity (TLAC). If they don’t work for that shop, then how can anyone be certain they will work elsewhere? That’s why it is worrying that the bank has had to compromise its TLAC plan.

NL Financial Investments, the Dutch state agency, has named bookrunners for the IPO of insurer ASR, having already chosen the global co-ordinators earlier this year.