HSBC

China took a huge step forward in liberalising its capital markets this week, announcing that Bank of China Hong Kong (BOCHK) and HSBC have been given approvals to become the first foreign banks to issue Panda bonds. While observers are excited by what could lead to a slew of issuance, questions are being asked about the future of dim sum bonds, writes Rev Hui.

Guarantor: State of North Rhine-Westphalia

NRW.Bank has priced a benchmark at the tight end of guidance in the busiest dollar SSA market in several weeks — one that could still host a few more deals.

A pair of issuers are set to bring the first euro benchmarks of the week on Thursday, amid calls for the European Central Bank to skew its bond buying in favour of the public sector.

Meggitt, the UK engineering company, has increased its acquisition credit facility to $600m to buy the composites division of EDAC, formerly known as Parkway Aerospace and Defense.

China has taken a huge step forward with the liberalisation of its capital markets this week following the announcement that Bank of China Hong Kong (BOCHK) and HSBC have been approved by the People’s Bank of China (PBoC) to become the first foreign banks to issue Panda bonds.

Conditions across both euros and dollars are as healthy for public sector borrowers as they have been for several weeks and, while issuance was low this week, bankers are confident that volumes will grow.

Korea National Oil Corp (KNOC) has made a successful return to the dollar bond market, with the recent sovereign credit rating upgrade allowing the borrower to enjoy a strong investor reception. Not only was it able to raise more than planned, but KNOC also priced the new bond inside its existing curve.

Weichai Power has opened books for its debut offering which will also be the first under new Chinese rules for offshore bond issuance that were released last week.

HSBC has promoted from within its ranks for the role of regional head of commercial banking, Asia Pacific, with Paul Skelton taking up the position from October 1.

A German agency is set to bring the second dollar benchmark from an SSA this week — quadrupling the number of such deals in September so far.

Vallourec, the French tubular solutions company, has signed a €400m four year revolving credit facility to replace bilateral loans of the same amount.