HSBC

A succession of debut labelled deals are filling the FIG pipeline as issuers look to make use of the last window ahead of the summer break. ESG bonds from SpareBank 1 SR-Bank and Banco BPM are set to join the already mandated Banca Popolare di Sondrio and Arion Bank in the market later this week.

Only HSBC and RBC Capital Markets are underwriting Fortress’s £9.5bn bid to take UK supermarket chain Morrisons private, while only Morgan Stanley is advising Apollo on its potential rival bid. This leaves plenty of scope for other banks to team up with sponsors to make rival offers.

The IPO of Al Yah Satellite Communications Co, the Abu Dhabi satellite company, is covered throughout the initial price range, on a 30% deal size, according to sources close to the deal.

The Emirate of Sharjah is returning to the international bond market just months after its last visit, but this time marketing a sukuk that will place it among the ranks of major emerging market issuers — both sovereign and corporate — to have raised cash at competitive levels recently with the Sharia-compliant instrument.

Yunnan Provincial Energy Investment Group, a Chinese state-owned company, has returned to the loan market after three years for a sustainability-linked facility.

Prada, the Italian fashion house, has completed an amend and extend operation on its main bank revolving credit facility. Lenders say similar deals will make up the bulk of their business for the rest of the year.

Credit Suisse has hired a new head of debt capital markets for Australia.

A senior debt capital markets banker at HSBC in Hong Kong is moving to Barclays, GlobalCapital Asia has learnt.

Rating: Baa1/BBB/BBB-

UniCredit plans to make labelled financing a regular part of its funding across the group, following the launch of its debut labelled bond this week. Its first deal proved popular as it stacked up more than €3.25bn of demand.

A trio of rare names made use of the attractive issuance conditions and strong appetite for credit to launch debut deals this week. Two of the borrowers — Illimity and Groupama — chose to print subordinated deals into this stable market, while Erste Bank Croatia sold its first public deal outside its home market.

SoftBank returned to euro and dollar bond markets after a three year absence to issue an eight tranche deal, raising more than $7bn-equivalent from total demand of more than $16bn, and hitting every empty spot in its funding curve at once.