HSBC

Hyundai Heavy Industries Co has started bookbuilding for a zero coupon exchangeable bond issue due in 2020 to raise $209.7m-$221.7m, which comes with a guarantee from Korea Development Bank.

Inter-American Development Bank and KfW have got away with pricing dollar benchmarks of identical tenors on the same day although neither borrower tightened pricing from the initial price thoughts level.

Germany showed six years away from syndications had not left it rusty on Tuesday, as it aced a €2.5bn April 2046 that extended its inflation linked curve by 15 years.

Two first time bond issuers joined the corporate pipeline on Tuesday, with TDF Infrastructure and the University of Liverpool preparing to debut, despite a choppy primary market.

Despite a shortage of deals, leveraged loan investors are winning some battles against aggressive borrowers. The latest casualty is Schenck Process Group.

HSBC announced a new plan to cut assets in its Global Banking and Markets unit on Tuesday morning, following most other universal banks in promising to shrink long-dated rates, restrict its client list to the most profitable and distribute risk rather than holding it.

Korea Hydro & Nuclear Power (KHNP) raised $300m on June 8 as it continued its tradition of tapping the international bond market at least once a year since 2010.

Haitong International Securities has made a rapid comeback in the offshore syndicated loan market, launching an HK$2bn ($258m) three year into general syndication on June 5. The borrower, which wrapped up its last fundraising only in April, has shaved the margin by 20bp since then.

A pair of issuers hit screens on Monday with five year mandates in dollars — and with initial price thoughts within a couple of basis points of one another.

New Look, the UK fashion retailer, will begin a roadshow on Tuesday for a £1.2bn-equivalent high yield bond issue to redeem all its bonds and repay its PIK notes after being acquired by Brait, the investment firm.

A first syndication from Germany since 2009 could be a reality this week — although syndicate managers on the mandate are still weighing up the health of the euro market.

National Bank of Egypt (NBE) has picked banks for its first bond deal in five years, hot on the heels of its sovereign’s return the international public markets last week.