HSBC

Covered bond issuers failed to take heed of poor market conditions and, just like lemmings, followed one another with poorly performing deals this week.

Sanofi, the French pharmaceuticals company, priced a €2bn three tranche bond on Monday amid heavy supply in the European corporate bond market.

Two state owned corporations, La Poste and Adif Alta Velocidad, this week avoided paying the wider new issue premiums that many corporate issuers have been forced to concede.

Kuxtabank this week issued the first Spanish covered bond backed by loans with an environmental, social and governance remit, and the first peripheral 10 year since March.

Public sector borrowers have been printing floating rate medium term notes in dollars as investors look to avoid interest rate risk ahead of Thursday’s US Federal Reserve meeting, say bankers.

The Republic of Latvia sold its €500m 10 year bond on Wednesday attracting a €800m book and a new SSA investor base.

HSBC has promoted Sean Henderson to the role of deputy head of debt capital markets for Asia Pacific, as well as head of capital financing for Singapore, according to an internal memo seen by GlobalCapital Asia.

The Republic of Latvia sold its €500m 10 year bond on Wednesday attracting a €800m book and a new SSA investor base.

Industrial and Commercial Bank of China (ICBC) took the bond market by storm this week, printing a $2bn Basel III tier two offering, the first Chinese bank capital trade since May. Despite coming during a week dominated by speculation about the Federal Reserve’s decision on interest rates, ICBC still managed to meet its price and size targets, offering just a small new issue premium.

CLP Wind Farms, a unit of CLP India, became the first corporate from the country to issue a green bond on September 15. Market participants expect India’s green issuance to take off, as it needs such financing with more liquidity expected to guarantee pricing benefits.

HSBC and Standard Chartered are each working on their debut Panda bond issuance, aiming to launch the deals at end of September at the earliest, several sources have told GlobalRMB. If the deals come out as planned, these will also be first Panda offerings from financial institutions.

The Republic of Latvia has released initial price guidance at 40bp area over mid-swaps for its new 10 year euro denominated bond, representing only a 20bp new issue premium, but a doubling of the sovereign’s secondary spreads, according to bankers away from the note.