HSBC

Guarantor: Federal Republic of Germany

Credit Suisse won praise from equity capital markets bankers this week for a neat two-step plan to raise Sfr6bn of new capital, as part of a complete new strategy for the bank, announced by CEO Tidjane Thiam in a marathon series of conference calls on Wednesday, writes Jon Hay.

European corporates have hit the market with a series of long dated private medium term notes, following a burst of MTN trades last week.

Teva, the New York-listed Israeli pharmaceutical company, held a meeting with banks on Wednesday for the syndication of $33.75bn of loans to buy generic drug business Allergan Generics.

The socially responsible investment bond market for public sector borrowers is enjoying a late bloom as several issuers line up deals, joining KfW which this week equalled its record breaking debut in size.

Hammerson, the UK property company, plumped for the sterling bond market on Tuesday and was rewarded with a well oversubscribed £350m deal, after a roadshow during which it considered issuing in euros.

The People’s Bank of China (PBoC) priced its first offshore bond on October 20, raising Rmb5bn ($788m) from a dim sum deal widely hailed as important for the internationalisation of the Chinese currency. But while the transaction is a landmark for the country, doubts remain about whether more such issuance will follow from the central bank, write Carrie Hong and Narae Kim.

Abengoa, the Spanish renewable energy company, suffered yet another unsteady trading session on Thursday over revelations in a leaked KPMG report of a €250m cash deficit.

China Reinsurance priced Hong Kong’s third largest IPO of the year at the top of the range to raise HK$15.58bn ($2.01bn), drawing an outpouring of interest from global investors. The trade has buoyed hopes among ECM bankers, as they seek to put a sullen summer behind them.

A $500m financing for State Bank of India has launched into general syndication following a senior phase that saw three lenders come in.

Dongfeng Motor Group made a successful offshore debut with a euro-denominated bond this week, which is expected to provide a benchmark for Chinese auto companies eyeing euro notes.

The Republic of Korea has picked six banks for a bond that will include the first renminbi-denominated trade from the sovereign. The RMB portion is highly likely to be issued offshore but there’s also a possibility that the country will attempt to enter the recently reopened Panda market.