HSBC

State-owned coal supplier China Shenhua Energy is making its first foray into the international debt market in style by opening books to an ambitious triple tranche offering on January 13.

Export Import Bank of Korea (Kexim) staged a successful return to the international debt market on Monday, January 12, selling a SEC registered dual tranche deal that drew over $6bn of demand. Amid high levels of volatility seen since the start of the new year, bankers carefully chose a good window for the Korean issuer, who achieved both its size and pricing goals.

Kaisa Group Holdings announced on January 12 that it has failed to pay a $23m coupon on one of its bonds, marking it the first time a Chinese real estate developer has defaulted on offshore debt.

After the extraordinary fireworks of Santander’s €7.5bn block trade on Thursday January 8, the year’s more workaday business in European equity capital markets began in earnest on Monday, as five IPOs were launched.

GE Capital issued an €850m five year floating rate note and a €1bn seven year fixed rate bond on Monday, bringing total public issuance by the company so far this year to over $7.1bn.

Telecom Italia, Italy’s largest telecommunications operator, on Monday brought to the high yield market the first €1bn issue of the year, as part of a plan to repay slices of four other bonds.

Gecina, the French real estate investment trust, issued a €500m 10 year bond on Monday, attracting a vast order book and paying a small new issue premium.

German online hosting provider Host Europe will launch £535m-equivalent of leveraged loans this week, most likely on Monday afternoon, as part of its acquisition of Intergenia.

Eurofins Scientific, the French food and drugs testing company, has mandated three banks for an investor roadshow that could lead to a senior unsecured bond.

German railway wagon hire company VTG has mandated HSBC as sole bookrunner for a hybrid bond of at least €230m to part-fund its acquisition of competitor Ahaus Alstätter Eisenbahn.

Philippine bank Rizal Commercial Banking Corp (RCBC) launched bookbuilding for a five year dollar bond on Monday, January 12, as part of its fund raising exercise under a $1bn MTN programme.

Export Import Bank of Korea (Kexim) was back in the international debt market on January 12, opening books to a SEC-registered dual tranche benchmark transaction that is split between a five year and a 10 year.