HSBC
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Euro covered bond issuers launched benchmarks this week and showed the unrelenting momentum in the compression of spreads has continued unabated.
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Michigan-headquartered Whirlpool, which makes kitchen and bathroom appliances, issued a €500m five year bond on Thursday. -
Emirates NBD has mandated six banks for a European roadshow starting next week, bringing hope that the bank will print a breakthrough euro trade.
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Jaguar Land Rover, the UK premium car maker, has dipped for the second time in two weeks into a high yield market awash with demand, leading to lower funding costs.
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Resorts World at Sentosa has opened a S$2.25bn ($1.648bn) financing into general syndication, with the same five banks leading the new loan as the ones that led its last one.
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Axis Bank successfully returned to the dollar market with a $250m tap to its existing 3.25% 2020s. The deal saw such strong demand that the issuer was able to scale up the size while pricing it slightly tighter than the original deal.
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Vestas Wind Systems, the unrated Danish wind turbine manufacturer, priced a €500m bond on Wednesday after being forced to revise its pricing and format aims.
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French energy company GDF Suez has issued €2.5bn of bonds in four fixed rate tranches, of two, seven, 11 and 20 years, with small new issue premiums.
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Emirates NBD has mandated six banks for a European roadshow starting next week, bringing hope that the bank will print a breakthrough euro trade.
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Barclays, RBS and Standard Chartered have explained how they plan to meet new total loss absorbing capital (TLAC) rules — although the rules are not yet finalised and will not come into force until 2019.
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Axis Bank has begun taking orders for a $200m tap to its existing 3.25% 2020s issued last year. While the deal is not driven by reverse enquiry, bankers were confident about going ahead as they had good visibility on what accounts would want to come into the trade.
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Banks are lining up to finance Cheung Kong Property’s HK$55bn ($7.1bn) loan, leaving the door open to the possibility of a further thinning in pricing.
