HSBC

Public sector issuers underlined the strength of demand in the dollar market this week as issuers were able to get benchmarks away despite volatility in US Treasuries.

Zhengzhou Yutong Group has opened books for a three year dim sum bond, having opted to add the credit enhancement of a standby letter of credit for its first transaction in the offshore renminbi (CNH) debt market.

Michelin, the French tyre maker, issued its first bond since 2012 on Tuesday. While the issuer drew good demand for seven and 12 year euro bonds, a proposed 30 year tranche failed to gain traction with investors.

Rexel, the French maker and distributor of electrical supplies, is roadshowing a €500m high yield bond that will refinance a dollar bond and be used for general business needs.

The public sector dollar bond pipeline for Wednesday is filling up, with a series of issuers set to follow a three year dollar benchmark from the European Investment Bank on Tuesday.

HSBC is leading the sale of a block in Hong Kong-listed Sinotrans worth HK$1.11bn ($143.21m), as a shareholder takes advantage of the nearly 50% run-up in its share price since end-March.

China’s beleaguered real estate players are starting to find favour again with equity investors, with CIFI Holdings and Greenland Hong Kong Holdings raising HK$1.32bn ($170m) and HK$1.70bn, respectively, from top-up placements.

Paccar, the US truck manufacturer, took to the public sterling bond market for the first time on Monday, drawing a solid book.

Dubai Islamic Bank has mandated six banks for a dollar Reg S benchmark sukuk.

Credit Suisse has hired a banker to run its insurance DCM business in Europe, a new role as the bank looks to boost its presence in a growing sector.

Aluminium company China Hongqiao has wound up its latest borrowing at $597m, lower than the launch size of $600m.

Bavarian utility company Stadtwerke München has signed a €500m syndicated revolving credit facility. While it has issued many Schuldscheine, this is its first syndicated loan.