HSBC
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Chinese banks issued $5.7bn of debt on Wednesday and Bank of China (BoC), never one to take a back seat, stole the show with a $3bn bullet Basel III-compliant tier two offering. The enormous demand suggested that investors just cannot get enough of Chinese bank capital, and by venturing into the 144A market the bank has set a strong benchmark to help the pricing of remaining supply, writes Virginia Furness. -
HSBC’s global research division has hired a Deutsche Bank veteran to serve as the head the bank’s equity research for Asia Pacific.
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Ontex, the Belgian nappy maker, priced on Wednesday its €250m high yield bond at par with a 4.75% coupon, as part of a debt restructuring that made Moody’s upgrade its rating one notch to Ba3.
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The European Financial Stability Facility is likely to be one of the few issuers to test demand in euros next week, having sent out requests for proposals for a benchmark on Wednesday. Other issuers with euro needs are more likely to indulge in arbitrage plays next week, said SSA bankers, although a pair of borrowers printed small euro benchmarks on Wednesday.
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KfW took advantage of moves in the Australian dollar/euro basis swap to tap a January 2019 Kangaroo on Wednesday. The agency also raised £150m with a tap of a December 2017 sterling line.
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Amdipharm Mercury, the UK generic pharmaceuticals company, has reduced the size of its £984m refinancing and recapitalisation loan and split the debt into amortising and bullet tranches.
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Bond investors have plenty of choices of which Chinese bank to put their money into after China Construction Bank (CCB) joined two of its peers in opening books on November 5.
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Bank of China is well underway with its debut Basel III compliant tier two, opting for a single dollar bullet. The deal follows in quick succession the bank’s $6.5bn additional tier one (AT1) preference shares which it sold on October 15.
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State-owned Shandong Shipping Corporation (SDSC) started receiving bids for a $200m capped bond on November 4 as the issuer looks to trump a busy market with a standby letter of credit (SBLC) provided by one of the joint global co-ordinators.
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European companies from beleaguered industries, new to the market or under investor pressure had better think twice before they enter a high yield market willing to teach them a lesson before the year ends.
