HSBC

The Indian government has finally kicked off its divestment programme for the fiscal year, opening books for the sale of shares in Steel Authority of India Ltd (Sail) on Friday morning as it looks to add millions of dollars to its coffers.

Aluminium Corporation of China (Chalco) raised $500m with its second international bond of the year after drawing a order book that was six times covered.

Chile sold the tightest ever 10 year bond from an emerging market issuer on Wednesday although investors swapping the euro denominated deal back into dollars could have earned between 15bp-30bp by buying the euro tranche instead of a simultaneous dollar offer, said bankers.

Spie, the French engineering and communications firm, gave price guidance for its €911m loan at a London bank meeting on Monday.

British Car Auctions, the UK secondhand car seller, marketed £270m of secured leveraged loans at a bank meeting on Tuesday, as part of refinancing of its debt structure.

Volvo joined the growing group of corporate issuers of hybrid capital on Wednesday, when it priced its first hybrid bonds. The deal was popular with investors, generating €7.4bn of orders.

Sentiment towards China property companies took a positive turn this month after the People’s Bank of China (PBoC) cut its benchmark lending rate. Dalian Wanda Commercial Properties is primed to take advantage of the optimism and will open books for its IPO of around $5.5bn next week. But while equity investors are expected to welcome Dalian with open arms, others may not be able to attract the same following, write Rashmi Kumar and John Loh.

Hulusi Horozoğlu, previously head of global capital finance and debt finance at HSBC Turkey, has been promoted to assistant general manager, head of banking and capital financing. He is now responsible for all debt financing products as well as the bank’s investment banking operations which includes its M&A and equity capital markets business, global banking coverage, multinationals business and FIG.

Singapore’s Universal Terminals is shelving its S$1bn ($770m) IPO due to delays in completing certain procedural matters, but it could yet make a comeback next year.

China’s recent interest rate cut and a conservative approach to deal size helped Bank of Communications Taipei Branch price its Rmb2bn ($325m) Formosa bond tightly on November 27. The deal, which was only the second four tranche Formosa, was the first from a Chinese bank to feature a domestic Taiwan rating.

Chinese property developers are making the most of the bullish sentiment following China’s recent interest rate cut, with Logan Property Holdings and Yuzhou Properties Company pricing bonds this week.

Banks are working on financings for several bidders looking to acquire units of cement companies Holcim and Lafarge. The two cement companies, which are looking to merge, are spinning off assets in Europe, Asia and South America. Depending on the assets being targeted, bidders are looking for financing between $800m and $6bn.