HSBC

The primary market in covered bonds was active this week, but not in its staple euro market. Canadian issuers came to the fore, supplying benchmark deals in sterling and dollars.

UK information and events group Top Right is finalising its £435m-equivalent refinancing loan in dollars and euros, with pricing likely to finish within the initial guidance range.

Pacific Basin Shipping raised $125m from a convertible bond on April 8, pricing the trade in the middle of guidance. A shadow bookbuild, a recent rally in the company’s stock, and the reluctance of the issuer to push investors too hard on terms ensured a successful outcome.

The Republic of Turkey priced its 11 year bond with a minimal new issue premium as the savvy borrower made the best of low supply in the dollar market.

Malakoff, an independent power producer, has attracted 11 domestic cornerstone investors for almost 75% of its MR2.74bn ($744.16m) IPO, in a strong show of support for what is the biggest IPO in Malaysia since 2013.

Shinhan Bank’s red hot $600m five year bond this week impressed the market with its top notch pricing and timing. The $4bn order book was certainly eye catching, but observers were also won over by how the deal was able to shock a subdued Korean DCM market back into life.

The People’s Bank of China (PBoC) has unleashed a raft of measures to stimulate borrowing in the mainland, but the benefits are yet to trickle down to smaller credits. This gap offers an opportunity to foreign lenders, and they are increasingly being seen in renminbi syndications onshore, writes Shruti Chaturvedi.

Mexico made yet more capital markets history on Wednesday with the first ever euro denominated century bond for a sovereign issuer. But though some bankers claimed the deal came very cheap to comps, it came at a very low absolute cost for the maturity.

Amid a flurry of euro bonds, Daimler opted for sterling on Wednesday, with a tap led by HSBC of its £300m July 2018 bond.

The spark of life was seen in the senior unsecured market on Wednesday, with Credit Suisse’s senior unsecured bond, issued from its holding company, quickly achieving blowout status during the bookbuilding process.

United Mexican States is out with the first ever euro denominated century sovereign bond as it looks to complete its 100 year bond hat-trick.

Pacific Basin Shipping has opened books for a $125m convertible bond, just days after the Asia ex-Japan region saw its very first international equity-linked deal of the year.