HSBC

Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany

Rating: Aa1/–/AAA

A tricky secondary market was unable to derail the new issue pipeline in senior this week, with new deals selling well even as their predecessors underperformed.

Rabobank hit the sterling market on Wednesday, selling the first new issue in the currency of the month and extending the maturity beyond the five year point favoured by issuers in 2015.

Shanghai-listed Fuyao Glass started premarketing its $900m IPO in Hong Kong on Tuesday, March 10, with bankers touting its size and scale as one of the world’s largest manufacturers of automotive glass.

Bulgaria has finally announced roadshow dates for its new Eurobond. The mandate was first announced on the country's Ministry of Finance’s website in early February.

Teva Pharmaceutical Industries kicks off investor meetings in Europe next week. The borrower is looking to issue its first euro denominated bond since 2012.

Armenia has mandated the same three banks for a new issue and buyback offer as it used for its debut in 2013.

Hutchison Port, Central American Bank for Economic Integration and ICBCIL opened books for their respective bonds on Thursday, March 12, in what is looking to be a busy end of the week for the Asian debt capital markets.

Logistics and supply chain company CWT has raised S$100m ($72.4m) from a five year offering. The issuer comes at a time when Singapore dollar issuance is starting to pick after the Chinese New Year break.

The Housing Finance Corp has raised £194m, which it will lend to 12 UK housing associations, with a second tap of its 2042 bond, guaranteed by the UK government.

KfW, the German state development bank, returned to the offshore renminbi (CNH) market on Tuesday. Investors jumped in, enticed by the strong credit, allowing the borrower to increase the size of the deal.