HSBC

More issuers are expected to hit the sterling market this week after a deal from ASB Bank on Tuesday that was encouraged by weakness in the euro market and a lack of supply of sterling paper.

Sinopec Group Overseas Development is looking set for another record-breaking transaction in the bond market, having opened books on April 21 for a multi-trancher and dual-currency whammy, which had netted a colossal volume of orders just half a day into bookbuilding.

Bahrain’s Ahli United Bank has released price guidance for its perpetual tier one bond at low 7% area. A syndicate official away from the deal called the guidance fair and said the deal would act as a test of Middle East liquidity after the fall in the oil price.

Doosan Heavy Industries & Construction has made a solid entry into the US dollar bond market, raising $500m from a deal that came backed by Export-Import Bank of Korea (Kexim). The transaction’s success and jubilant investor response bodes well for the wider market, opening up opportunities for other issuers to raise offshore debt with guarantees from policy banks.

Home Credit and Finance Bank launched a tender offer for its subordinated $500m 2020s on Monday.

Progroup, the German family-owned container and corrugated board producer, on Monday announced its debut high yield bond, part of a €525m refinancing deal that includes €125m of PIK toggle notes.

HSBC’s two top executives faced the bank’s shareholders in Hong Kong at an informal meeting on Monday, where they were grilled on issues ranging from the scandals that have engulfed its Swiss unit to the bank’s ability to pay dividends amid increasing capital constraints.

India’s VRL Logistics has closed books on a hugely successful Rp4.68bn ($75.20m) IPO, with the offering 74.26x covered. The trade is now expected to price at the top end of guidance.

Doosan Heavy Industries & Construction has opened books for its first dollar bond in the offshore market on Monday, having completed a global roadshow last week.

Shenzhen Qianhai Financial Holdings has mandated a legion of banks to arrange investor meetings ahead of its maiden offshore renminbi-denominated (CNH) bond.

Investors welcomed the return of Industrial Bank of Korea (IBK) in the dollar bond market on April 16, happy to get their hands on one of the less active policy banks. Pleased with the quality of the order book and the pricing level, the issuer decided to increase the size to $700m.

Hindustan Petroleum Corp’s (HPCL) $400m 39 month facility has attracted two to three commitments so far, said bankers.