HSBC

La Mondiale became the third insurer to sell perpetual sub debt this week on Thursday, hitting its minimum spread target for a non-call 11 year deal despite choppy market conditions.

Shanghai-listed textile dye maker Zhejiang Longsheng Group (Lonsen) has raised a $300m loan from a club of seven banks, said a banker on the deal.

The Hong Kong IPO market was off to a busy week, with Dalian Wanda Commercial Properties and Linekong Interactive rushing to complete chunky deals before the markets break for Christmas. But the flood of activity also left one victim in its wake, as M800 chose to delay bookbuilding until January rather than compete with its rivals for investor attention.

India’s divestment plan is off to a good start, with the government offloading a 5% stake in Steel Authority of India (Sail) on December 5 to raise around Rp17.15bn ($277m) in a day-long trade that was well received by institutional and retail investors.

A $3.2bn piece of Tata Steel’s $5.6bn multi-trancher has attracted a whopping $1.089bn in commitments during general syndication. The response follows a successful senior phase, which saw eight banks pile in.

PICC Property and Casualty Company has raised HK$9.15bn ($1.18bn) in a rights issue of both H- and A-shares that was heavily oversubscribed.

ICICI Bank made an opportunistic return to the offshore debt market on December 8 with a well-received $200m tap of its $500m 3.5% 2020s, reversing the ill-fated trades of Reliance Communications (RComm) and Lodha Developers last week.

One of the few European agencies with room left in its 2014 funding programme has opted to reopen a sterling line this week.

Moody’s has downgraded the corporate rating of Spie, the French engineering and communications services firm, from B1 to B2 in response to a €2bn refinancing exercise.

The Egyptian General Petroleum Corp is seeking a three year term loan for $1.5bn, the first syndicated loan it has obtained with local and foreign banks since 2010, said a banker on the deal.

Daimler-backed carmaker BAIC Motor capped a busy Monday for the Hong Kong equity capital markets and its first day of bookbuilding with a HK$12.15bn ($1.57bn) IPO that had secured enough demand from cornerstone and anchor investors to cover the book in full. Investors flocked to the listing after seeing that the company was willing to price at a decent range.

China International Capital Corp (Hong Kong) has made its debut in the offshore syndicated market, with a $150m three year term loan that launched into general on December 8.