HSBC

Italian electricity company Enel has priced a €1.46bn 10 year bond, to be issued to the holders of six shorter dated bonds, after 25% of the investors accepted an exchange offer.

International bond investors welcomed back Reliance Industries for the first time in two years as the Indian conglomerate priced a $1bn 10 year offering on January 21. The deal notched up a number of landmarks, being the first Indian credit to come to market in 2015 and achieving the lowest coupon ever for the issuer in the offshore market.

Australia and New Zealand Bank priced the first offshore renminbi-denominated Basel III bond from a non-Chinese bank on January 21. Not only did the Australian borrower achieve the size and pricing levels it was aiming for, but it also proved that funding in CNH can be cheaper than dollars, potentially triggering more non-Chinese lenders to follow suit, writes Narae Kim.

The world’s largest utility State Grid Corp of China issued its first euro-denominated bond on January 19, with a €1bn ($1.2bn) deal comprising seven and 12 year notes.

Russian Standard Bank is making a second attempt to secure investor support for its capital update after failing to generate enough interest first time round. RSB re-launched the consent solicitation for its 10.75% 2018s on January 19.

Snam, the Italian natural gas transmission company, tapped its April 2023 bond for €250m on Wednesday. The new notes were priced with a very small pick-up, putting some investors off, but the transaction was still more than three times subscribed.

A good market window brought Reliance Industries bank to the bond market on January 21 with the Indian conglomerate appointing a large syndicate to reward banks who have worked on its loans.

Australia and New Zealand Bank (ANZ) started book building for a Basel III tier two dim sum bond on Wednesday, January 21. The deal will be a landmark as the first CNH-denominated Basel III trade from a non-Chinese bank.

HSBC has boosted its global loan sourcing capabilities with two senior appointments in newly created roles.

Rating: Baa2/BBB+/A-

The lowest ever coupon on a Spanish 10 year euro benchmark was not enough to deter investors from piling into an April 2025 syndication from the sovereign on Tuesday, with books more than twice subscribed.

German railway wagon leasing company VTG priced a €250m hybrid bond on Tuesday, the proceeds of which will be used to part-fund its acquisition of rival Ahaus Alstätter Eisenbahn.