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HSBC

  • Reliance Jio Infocomm’s $1.5bn dual tranche loan that opened in September has been allocated among 26 lenders, 11 of which joined during general syndication. Thin pricing did not stop Taiwanese, Japanese and Middle Eastern lenders from piling into the deal, as it gave them a chance to form a relationship with India’s biggest private sector company.
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  • Israel Chemicals is out with initial price thoughts for a 10 year note and follows hot on the heels of Israel Electric which printed the same tenor on November 5.
  • Chongqing Yufu Assets Management managed to raise Rmb500m ($81m) through its debut bond in offshore renminbi on November 19 but struggled to get investor attention amid a raft of competing supply. As well as being its first outing in the international bond market it is also the first offshore issue from the Chongqing state-owned enterprise.
  • SSA
    Finland returned to the sterling bond market on Wednesday with its first new deal in over a year. It came hot on the heels of Instituto de Crédito Oficial, which on Tuesday sold its first new issue in the currency in five years.
  • The European Bank for Reconstruction and Development attracted orders of about $1bn to a five year global on Wednesday afternoon, GlobalCapital understands, and priced the deal in line with initial price thoughts. The deal contrasts sharply with a 10 year from the World Bank a day before that was oversubscribed by more than $1bn and was priced at the tight end of guidance.
  • SSA
    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.
  • CEE
    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.