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HSBC

  • The first mainstream European equity-linked issue of 2015 came on Tuesday, as the Dubreuil family sold a bond exchangeable into shares of Rémy Cointreau, the French spirits group they control.
  • SNCF Réseau had little problem tempting investors back to its paper after a rebranding from Réseau Ferré de France, as it sold its largest ever benchmark on Tuesday.
  • Ford Credit Europe Bank, the US car maker’s European financing vehicle, found plenty of demand for a €650m three year floating rate note and a €650m seven year fixed rate bond on Tuesday.
  • Heathrow, London's largest airport, issued a €750m 15 year class A secured bond on Tuesday, extending its euro curve by eight years. Despite the bonds arguably being priced through Heathrow's euro curve, the deal was more than three times oversubscribed.
  • Reliance Industries is back in the dollar debt market for the second time in two weeks, taking advantage of strong residual demand to launch a 30 year bond on February 3.
  • Shimao Property Holdings is looking to be the first high yield property name from China to tap the offshore bond market this year, opening books to a 7 non call 4 dollar transaction on February 3. And many market participants are keeping a close eye on the deal as they see it as a benchmark for a sector that is still reeling from its first offshore bond default.
  • Host Europe, the German online hosting provider, expects to close books for its £535m loan for the acquisition of Intergenia by the middle of this week, after the consent process for the deal took longer than expected.
  • FIG
    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.