HSBC

The increasing attractiveness of euros over dollars has led one public sector borrower to mandate for its first ever benchmark in the currency — and more debut issuers could follow.

A German agency has drawn over €7.5bn of orders for a euro benchmark despite offering a negative yield — leaving bankers puzzled over why no other issuers are hitting screens in the currency.

Asian green bonds are finally taking off, with an increase in dealflow and the emergence of new markets set to transform the potential of the asset class. But the investor base remains largely non-specialised, with the green credentials of a deal often of little importance. Christina Khouri reports.

US automotive components supplier BorgWarner is looking to issue its first notes in euros, and could be followed by others as the European market leaves behind memories of the Greek crisis, say bankers.

China Development Bank opened books on September 29 for a dollar-euro combo, taking advantage of a small issuance window before China begins its Golden Week holidays on Thursday.

Bank of China Hong Kong took the market by surprise on September 29 when it announced in the morning that it had successfully completed its Rmb1bn ($157m) Panda bond. That meant BOCHK, whose deal had been expected to run alongside a similar trade from HSBC that also priced on Tuesday, was able to claim the position of the first foreign bank to issue in China’s domestic bond market.

The leads on HM Sampoerna’s Rph20.8tr ($1.4bn) follow-on have told investors that the trade is covered across the price range, after the Indonesian unit of Philip Morris International attracted a slew of long-only investors.

A German agency is set to tackle the short end of the euro curve, as a fall in rates across the curve limits issuers’ options in the currency.

Indian conglomerate Reliance Industries has opened its $1.47bn dual-currency loan into general syndication, with four participation levels available to lenders.

Chinese developer Soho China has announced plans to buy back its existing bonds, a month after Moody’s and Standard & Poor’s each downgraded it by one notch.

Several public sector borrowers are tipped to come into a reopened dollar market next week — but some SSA bankers warned that conditions are still not at full strength.

Stagecoach Group, the UK bus and train operator, filled the book for a £400m bond issue more than twice over on Monday, breathing life into a previously empty sterling market.