HSBC

One of the most hotly anticipated deals out of Asia this year has finally gone live with Hong Kong opening books to a five year dollar sukuk on May 27. Pricing is unsurprisingly tight for one of the highest rated issuers in the region although marker observers say focus should also be on the deal’s asset light wakala structure.

Lower rated property developers from China are firmly back on the menu for fixed income investors with Fantasia Holdings Group the latest to try its luck on May 27.

Two public sector borrowers have picked banks to run dollar deals on Wednesday — and even more deals could follow, said SSA bankers.

Indonesian tower company Solusi Tunas Pratama’s latest borrowing has been allocated among 20 lenders. The deal, which is to refinance what is left of a bridge it sealed with five banks in December last year, saw scalebacks of nearly 50% on bank commitments.

Europcar, the French car rental company which last week filed for an IPO, began a three day roadshow on Tuesday for a €475m high yield bond issue.

Dubai Islamic Bank finishes investor meetings on Tuesday for what is likely to be a five year senior unsecured sukuk.

South Korea’s Nonghyup Bank has mandated four banks to work on its upcoming international bond offering, which could come in the second week of June.

Photovoltaic glass manufacturer Xinyi Solar is seeking a tightly priced HK$2bn ($258m) loan with one mandated lead arranger and bookrunner. The fundraising is set to test appetite both for the sector as well and pricing for mid-cap names.

The Republic of Indonesia completed its yearly return to the dollar sukuk market in style on May 21 when it rewrote the record books to print its largest offering in the Islamic finance instrument.

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 and good financials helped see the deal through, said bankers.

Rexel, the French maker and distributor of electrical supplies, priced a €500m high yield bond tightly on Wednesday.

Sinochem printed the first ever Swiss franc deal from a Chinese corporate, and did so inside its dollar curve on Thursday thanks to strong demand from local asset managers.