HSBC

Gwynt-y-Môr Ofto, the company which will run the offshore transmission system for a 576MW windfarm off the north coast of Wales, has mandated banks for a benchmark sterling bond to finance its £352m investment.

Italy’s Servizi Assicurativi del Commercio Estero (SACE) made a last minute appearance in last week’s primary FIG market, pricing a €500m perpetual non-call 10 year subordinated bond at 25bp lower yield than where initial price thoughts were set despite uncertain secondary markets and an ostensible lack of comparables.

National Bank of Abu Dhabi printed its $750m five year bond on Wednesday from a book of $1.8bn, having been successful in attracting emerging market and investment grade accounts despite tight pricing flat to the curve.

The month-long gloom in Chinese property credits is finally dispersing after Shimao Property Holdings priced the sector’s first high yield bond of the year on February 3. Not only did the deal attract a huge order book but it also managed to attain solid pricing.

Philippine consumer food and beverage company Universal Robina Corp’s NZ$742m ($537.57m) loan has been allocated, with 10 banks joining the syndication. The loan, which is for the company’s acquisition of New Zealand’s Griffin's Foods, received a good response thanks to the lack of top tier offshore deals out of the Philippines.

China Construction Bank (Asia) printed a landmark transaction on February 4 as it became the first Chinese bank to sell a senior bond in euros.

Aluminium company China Hongqiao is braving rough conditions to seek a $600m loan, which is being led by five banks. The borrower is offering generous returns, given the heightened risk surrounding the commodity sector.

The Asian high yield market has finally opened up, with issuers pouring in to get a start on their backlogged funding. But as a pair of first-time southeast Asian companies were forced to extend bookbuilding after failing to gain sufficient appetite, bankers said the market was not yet ready to embrace untested and unknown issuers.

Reliance Industries tapped the dollar bond market for the second time in two weeks, raising $750m from a 30 year bond on February 3. Even though it was not by design, having the deal come at a later stage proved to be a masterstroke as Reliance was able to achieve some top notch pricing.

SNCF Réseau sold its largest ever benchmark on Tuesday, showing it had little problem tempting investors back to its paper after rebranding from Réseau Ferré de France (RFF).

Australian energy company AusNet Services has mandated four banks for its third euro bond.

Russian Standard Bank’s attempts to update its 10.75% 2018 notes is turning into something of a saga with the bank raising the late consent fee for the second time. The bank postponed its first offer after failing to secure investor support in December but analysts had expected the second attempt to be a success.