HSBC

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.

Peru opened books on its second euro deal in four months on Tuesday, after announcing an investor call on Monday which caused its secondary curve to widen 20bp.

Export-Import Bank of Korea (Kexim) has hired banks to run investor meetings in Europe for a potential euro bond, which would be its first syndication in the currency since 2013.

India’s National Thermal Power Corp (NTPC) ended an absence of more than a year from the international bond market this week with a tightly priced transaction that left little money on the table for investors.

India’s Cochin Shipyard is set to hear pitches from nine local banks for its more than Rp10bn ($147m) IPO on Thursday, from which the state-owned firm will pick up to three lead managers.

Cheung Kong Infrastructure Holdings (CKI) made a strong comeback to the dollar hybrid bond market on Monday with a perpetual non-call five. Despite the tight pricing and a structure that some considered weak, investors were keen to participate thanks to the borrower’s credentials and a lack of supply in the primary market.