HSBC

Shanghai Electric Power Finance raised $500m from its debut five year Reg S bond, attracting a near five times covered book for its offering.

The Asia ex Japan bond market was crowded on August 4 with Oceanwide Holdings and eHi opening books for respective dollar bonds, and Export Development Canada (EDC) and HNA Tourism opting for offshore renminbi (CNH) offerings.

Sainsbury’s Bank has shelved a sterling tier two trade following a roadshow last month.

Chinese banks now hold four of the top five spots in SNL Financial’s ranking of the world’s largest banks, while Europe’s global footprint is shrinking.

Westpac Banking Corp has completed a swift, efficient foray into the Singapore dollar market, printing Basel III tier two notes on August 4. Demand was such that the borrower was able to price the bond by late afternoon and still manage to meet its pricing and diversification goals.

Northgate, the UK van hire firm, has reduced its flagship bank facility and replaced the financing with a €100m private placement from Pricoa Capital.

The Housing Finance Corp and Intercontinental Hotel Group refilled the sterling pipeline on Monday, with both issuers hiring banks for deals in the currency.

UK generic pharmaceuticals company Amdipharm Mercury — also known as AMCo — is closing books on a €163.7m leveraged, having tightened pricing on the back of strong demand.

Lufthansa is set to make a third attempt at its debut hybrid bond, mandating banks on Monday for a deal that could be priced as soon as Tuesday.

HSBC’s strength in Asia paid off in the first half of the year, with the equity markets business flying on the back of intense volatility across Asian bourses and the ramp up of Stock Connect. The bank’s restructuring also swung into life, with the sale of its Brazil unit and $50bn of RWAs cut from the investment bank.

China Reinsurance Corp (China Re) is looking to list on the Hong Kong Stock Exchange via a $2bn IPO in what could be one of the city’s largest debuts this year.

Greentown China Holdings successfully persuaded bondholders of its two existing dollar notes into a new $500m five year non call three dollar bond on July 31. Bankers on the deal say the exchange offer ended up satisfying both the issuer and investors.