HSBC

Italy’s Servizi Assicurativi del Commericio 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 initial price thoughts were set at, despite uncertain secondary markets.

National Bank of Abu Dhabi (NBAD) is meeting investors this week to offer an update on its recently announced financial results. A senior dollar bond may follow.

Telecommunication tower operator Solusi Tunas Pratama (STP) is looking to tap the bond market for the first time having mandated five banks for a series of investor meetings starting on February 4.

Philippine consumer food and beverage company Universal Robina Corp’s NZ$742m ($537.57m) loan has been allocated, with ten 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 Phillipines.

Altice on January 30 achieved a successful sale for its €4.8bn-equivalent bond package backing its takeover of Portugal Telecom.

French investment company Wendel sold a €500m 12 year bond on Friday, having increased the deal in response to strong demand and favourable pricing.

Indonesian oil and gas company Pertamina, which is in the market for $1.8bn five year loan, has received $380m in commitments in general. Bankers on the deal said they expect to close soon with allocations likely to be out in the next couple of weeks.

The burst in activity in the Singapore bond market has continued this week, as property developer GuocoLand hit markets with the biggest trade so far this year. The company’s dual tranche offering brought in S$170 ($125m) along with hopes of more Singapore dollar issues to follow.

Philippine property developer Century Properties will meet investors next week ahead of a potential US dollar bond debut after mandating three banks.

Global bond new issue markets have had their slowest start to the year this decade, as anxiety about quantitative easing, interest rate movements and political events like the Greek election have kept issuers out of the market.

OVS, the Italian clothing retailer, has begun investor education for an IPO, which could involve about €350m of new shares being issued, as well as a smaller amount of secondary stock. They could add up to as much as 49% of the stock being listed.

Instituto de Crédito Oficial (Ico) has scored a hat trick with the first ever socially themed bond from a Spanish public sector borrower — printing the largest ever deal in the format, squeezing its spread over Spain to single figures, and welcoming new investors. That could encourage other issuers to add the social format to their funding mix, said bankers — although there were more reasons for Ico’s success than just altruistic investors, including the European Central Bank’s new quantitative easing programme.