HSBC

Spain could wrap up its funding target for the year at an auction of three and five year debt on Thursday, but while the yield is likely to fall on the shorter bond the longer dated paper’s yield is set to rise. Meanwhile, Cassa Depositi e Prestiti looked set to pass its first syndication test since May after setting pricing on a January 2018 bond at the tight end of initial price thoughts on Wednesday.

Flydubai has launched its $500m five year sukuk at 200bp over mid-swaps. The deal will be priced later on Wednesday afternoon, with the lead managers on the trade disclosing that they will be taking a piece of the sukuk.

The Republic of Turkey raised $1bn with a 10 year sukuk on Tuesday, closing the gap between its conventional and Islamic funding costs to just a handful of basis points. Despite some disagreement over just how close the issuer got to conventional levels, the tight pricing provides ammunition for debt bankers trying to tempt other sovereigns into the Islamic market.

Indonesian oil and gas company Pertamina, which mandated 12 lenders for its $1.8bn five year loan in October, launched the facility into general syndication on November 18.

Aspial Corp completed a busy year of funding in the Singapore dollar market with a S$100m ($76.7m) bond that was driven by reverse enquiry. Meanwhile, Sembcorp Financial Services opened books on a new trade.

Universal Terminal is seeking a S$1bn ($770m) IPO on the Singapore Exchange next month to become the largest listing in the city-state this year. If successful, the company will also become the first oil and gas storage trust to sell shares in Asia, say bankers.

China National Petroleum Corp (CNPC) may be a regular in the debt market, but it managed to reposition itself through its latest $1.5bn trade thanks to a first time guarantee from the parent. Such was the response from investors that it added a floating rate note during bookbuilding.

Indonesian oil and gas company Pertamina, which mandated 12 lenders for its $1.8bn five year loan in October, launched the facility into general syndication on November 18.

NTPC launched bookbuilding for a ten year dollar bond on November 19 in its first outing for more than two years. The power company is hoping to capitalise on its status an Indian quasi-sovereign in a market that a market that is overrun by supply from China.

Mercialys, the French property company spun off from supermarkets group Casino, priced a €550m 8.3 year bond on Tuesday, in conjunction with a buyback offer for its €650m 2019 bond, to extend its debt maturity profile.

United Internet will complete its Schuldschein deal on Friday, raising at least €500m, according to a banker on the deal.

Fomento de Construcciones y Contratas, the Spanish building and environmental services company, is close to reaching agreement with its creditors on a debt restructuring, according to a spokesman for the company.