HSBC

UK-based insurer Aviva looked to reopen the tier two market on Thursday with a long dual tranche trade, while some senior projects were said to be held as the market widened.

The Philippines’ largest bank — BDO Unibank — is in the market to raise $350m in a deal led by half a dozen mandated lead arrangers and bookrunners. The bank is the latest among a string of financial institutions out of the country to go offshore for dollars. Bankers expect more activity of this kind, as Philippine lenders look to fund their fast growing economy.

Chinese department store operator Golden Eagle International Trading is likely to increase the size of its latest borrowing for a second time to $700m. General syndication, which was launched in early April, coincided with a rating downgrade of parent Golden Eagle Retail Group by Fitch, but an attractive yield amid fewer deals helped see the financing through, said bankers.

The continuing saga of Kaisa Group Holdings reared its ugly head once again this week when Sunac China Holdings announced it had terminated the acquisition of a stake in the troubled property developer. But that had little impact on the primary pipeline, with two high yield real estate companies raising a combined $600m.

The Democratic Socialist Republic of Sri Lanka is set to return to the offshore debt market on May 28, while China National Bluestar and Global Logistics Properties (GLP) are also marketing their maiden dollar bonds to investors.

RCI Banque, the finance arm of Renault, raised €750m with a seven year bond on Wednesday. While some away from the deal thought the size was ambitious, the bond traded well in secondary.

Unilever, the UK-Dutch consumer goods company, highlighted growing demand for short dated bonds and FRNs on Wednesday, when it gathered a hefty order book at arguably no new issue premium for a three year floater.

A Nordic agency is set to tackle the 10 year part of the dollar curve — a tenor SSAs have largely shunned so far in May.

Nexans, the French cable manufacturer, said on Wednesday it wanted to issue €250m of high yield notes to refinance €212.6m of convertible bonds maturing on January 1 next year.

Dubai Islamic Bank has received over $1.6bn in orders for its first senior sukuk in three years, and plans to price the note on Wednesday afternoon.

The public sector borrower market is enjoying stability after weeks of turbulence, with a pair of issuers trebling the number of euro benchmarks so far this month.

The Republic of Korea has mandated two banks for a credit update with bond investors in London next week.