HSBC

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.

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.

Indian company JSW Steel, which made a successful debut in the offshore bond market earlier this month, opened up a $250m fundraising into general syndication with sole bookrunner and mandated lead arranger Axis Bank.

China Development Bank’s financing arm CDB Leasing is set to kick off a series of meetings with investors starting this week in Asia and Europe for a senior unsecured dollar bond issue.

Management roadshows have started this week for the Indian government’s divestment of a 5% stake in Oil and Natural Gas Corp (ONGC), expected to fetch around Rp169.50bn ($2.75bn) based on its market capitalisation.

China National Petroleum Corp is back in the market, launching a deal on the same day and sticking its formula of launching a multi-tranche trade in dollars but unlike previous trades that have used a keepwell agreement, the new bond will have a guarantee from the parent which has led to an upgrade from the ratings agencies.

Axis Bank this week made a successful return to the bond market after more than two years away. While the borrower was not in need of funds it took advantage of tightening spreads to price through its rivals' curves, although US participation in the 144A trade was limited.