HSBC

Chinese clean energy firm ENN Energy Holdings managed to tap the offshore market for $400m on October 15, even though volatile markets meant joint global co-ordinators HSBC and UBS were only able to gather a modest order book.

Chilean power company E-CL will decide on Thursday morning whether to announce its planned dollar bond issuance, after a remarkable bout of volatility on Wednesday disturbed fixed income markets.

United Internet, the German internet services provider, closed the €1.35bn loan for its acquisition of Versatel on Wednesday and left the path open for a Schuldschein transaction for banks that did not make it into the syndication.

On an extraordinary day in the capital markets, a very ordinary corporate bond was issued on Wednesday — a €500m 8.5 year issue for Snam, the Italian gas transport group, that was nicely oversubscribed and closed trading at reoffer.

A cacophony of troublesome macro conditions are rocking the markets and could make issuance exceptionally tricky for issuers looking to print dollars in the coming weeks. A pair of borrowers felt the pain on Wednesday, with their leads setting pricing in line with initial price thoughts and at least one of the deals undersubscribed — a far cry from a series of blow-out dollar trades since the market reopened after the summer.

UK pharmaceuticals group Amdipharm Mercury has set out price guidance on its £984m refinancing and recapitalisation loan, which will raise its net leverage ratio from 3.4 to 5.5 times.

The UK’s debut offshore renminbi bond — the first from a non-Chinese sovereign — was almost twice subscribed despite being larger than expected. The deal marks the largest new issue from an international sovereign, supranational or agency in offshore renminbi.

German ball bearing producer Schaeffler will close books on its €1.8bn-equivalent term loan ‘B’ today. Early signs are that investors have received the familiar credit enthusiastically.

The UK’s debut offshore renminbi bond — the first from a non-Chinese sovereign — was almost twice subscribed despite being Rmb1bn ($162.8m) bigger than market participants expected.

State-owned Power Construction Corporation of China (PowerChina) made a successful return to the international bond market, pricing its first ever dollar bond on October 14.

Luxury goods retailer SSI Group opened books for its Ps6.5bn ($146m) IPO on October 15, and if all goes well will debut on the Philippine stock exchange in early November to become the largest listing in the country this year.

Korean Reinsurance priced its debut subordinated bond on Tuesday. The borrower was keen to take advantage of the low rate environment, and to get ahead of the looming $6.5bn additional tier one from the Bank of China.