HSBC

A pair of oversubscribed deals at the long end of the curve in euros this week has reopened a market that has been moribund for much of the year, as investors come to terms with low yields, writes Tessa Wilkie.

A flood of banks in the Middle East are set to follow the two Abu Dhabi names which are making a dash for cash in the loans market to meet new regulations as they grapple with low oil prices, writes Elly Whittaker.

HSBC has hired Michael Ridley as a credit research analyst, specialising in corporate bonds and green bonds. It is a new position, responding to the growth of green bonds by offering detailed, specialist research.

Shanghai Pudong Development Bank Co (SPDB) roared into the market on Wednesday, finding huge success with its debut $500m deal. The issuer managed to find the perfect window to execute its trade, tightening pricing aggressively but still ending up with a quality book.

Chilean government-owned copper miner Codelco raised $2bn of 10 year notes on Wednesday in a deal that provoked debate about the size of the new issue premium but was unanimously considered a positive for the LatAm market.

Tractel, the French maker of lifting machines being bought by Cinven, held a bank meeting on Wednesday morning, to present to potential investors the terms of its new €235m all senior loan package.

The Export-Import Bank of China (Chexim) introduced a new structure into Asia’s debt market this week, becoming the first issuer to sell bonds backed by loans. Some investors shied away from the unfamiliar format, but the Chinese policy bank raised $1bn from the dual tranche offering.

Citi has appointed David Ratliff to the newly created position of head of public sector banking for Asia Pacific. The move is part of the bank’s strategy to combine corporate and investment banking alongside markets and securities services coverage of public sector clients in the region.

A pair of supranationals have unveiled plans to bring bonds with an environmental flavour. One issuer may delight European Central Bank officials with a super rare appearance in euros.

Belgium on Wednesday printed the largest euro benchmark of 20 years or longer since the European Central Bank began a programme of public sector bond buying earlier this year.

Belgium is out with the longest dated deal from a sovereign, supranational or agency — outside the emerging markets — since February. And it is drawing a rip-roaring response which could encourage other issuers to look at the long end.

Asian bond issuers have finally decided to venture back into the market with a trio of investment grade names opening books to dollar deals. Export-Import Bank of China (Chexim), Shanghai Pudong Development Bank and Korea Development Bank are vying for attention in the first test of investor demand in three weeks.