HSBC

Europe’s high grade corporate bond market began this shortened week for issuance with an ESG focus, as Australian engineering company Worley mandated for its debut sustainability-linked bond and UK housing association Notting Hill Genesis began marketing a sustainability deal.

HICL Infrastructure, a London-listed infrastructure investment company, has refinanced its £400m revolving credit facility, with the company shifting the benchmark to risk-free rates and adding five sustainability metrics.

HSBC raised A$500m ($388m) on its return to the Australian dollar bond market on Thursday, securing a "fantastic" result by offering a pick-up over local bank bonds.

Europe’s high grade corporate bond issuers had a tough week in the primary market after inflation fears sent investors fleeing risk.

Large European banks shifted their funding focus to the dollar market this week, printing stunning deals as the euro market showed it was more sensitive to signs of tighter monetary policy. Tyler Davies reports.

Europe’s high grade corporate bond issuers had a second tough day running on Thursday, as secondary spreads inched wider and investors proved lukewarm to new issuance.

Financial institutions will have a tough time issuing sustainability-linked bonds (SLBs), according the head of BBVA’s corporate and investment bank, who said at a conference on Thursday that she expected banks to focus more on debt with a dedicated use of proceeds.

Banco de Crédito Social Cooperativo (BCC) was able to increase the size of its latest tier two offering to €600m, after attracting a number of new accounts to a deal that will fund the repurchase of its existing deals in the format.

Viva China Holdings raised HK$3.8bn ($491.4m) by offloading a block of shares in Chinese sportswear manufacturer Li Ning Co this week, while Swiss Re exited New China Life Insurance.

Europe’s corporate bond buyers shied away from riskier deals on Wednesday as equity markets plunged, leaving a junk rated hybrid from SES to limp over the line while other credits fared better.

The FIG market paused on Wednesday to take stock of inflation fears and weaker market sentiment, but a pipeline of issuance is building, including Spain's Banco de Crédito Social Cooperativo (BCC), which has put out a market update after it received disparate indications of interest ahead of its return to the tier two format.

American Tower Corp, the US wireless infrastructure company, printed the biggest euro high grade corporate bond of the day on Tuesday, to finance its expansion into Europe and Latin America.