HSBC

Chinese company UniTrust Finance & Leasing Corp, a subsidiary of Haitong Securities has made a rapid return to the loans market, opening a $150m fundraising into general syndication with three mandated lead arrangers and bookrunners.

The expected wave of merger and acquisition financings broke on the US corporate bond market this week, as Roche and Sysco made triumphant returns while Suntory Holdings issued its first US bond.

Commerzbank issued a €1bn five year mortgage Pfandbrief on Monday, achieving a spread that was in line with French borrower Compagnie de Financement Foncier (CFF) two weeks ago. The pricing shows that there is no longer a spread between French and German covered bonds, and bankers expect more jurisdictions to catch up soon.

Yankee heavyweights ING and Santander rounded off a stellar month for US financials issuance with trades that pushed supply beyond $70bn.

Kuwait's Burgan Bank priced its debut additional tier one (AT1) bond in what bankers on the deal said were challenging conditions on Tuesday. While the point of non-viability (PONV) trigger premium is up for debate, bankers say that Middle Eastern banks will only have to pay up marginally to issue Basel III debt.

Tuesday had been a slippery day in the European corporate bond market, as a fall in equities caused two new issues to find underwhelming demand – a knock-on effect that has not happened for a long time. But by Thursday that was all forgotten. Four deals were launched, three of them triple-B rated and three of them 10 years, and all went well.

Delachaux has finalised pricing on all three tranches of its €690m-equivalent seven year term loan ‘B', effectively tightening it, while revising its incurrence conditions on leverage.

Tuesday had been a slippery day in the European corporate bond market, as a fall in equities caused two new issues to find underwhelming demand — a knock-on effect that has not happened for a long time. But by Thursday that was all forgotten. Four deals were launched, three of them triple-B rated and three of them 10 years, and all went well.

The National Bank of Oman has mandated banks for its debut international bond and is meeting investors this week.

Westpac New Zealand made its sterling debut this week, highlighting the strength of demand for sterling financial paper, particularly floating rate notes.

Vallourec’s bond issue may have gone well on Tuesday, but for the other corporate issuers in euros and sterling it was a much rougher ride. Accor launched a €150m tap and RCI Banque a £250m sterling three year, but neither managed to tighten pricing from their initial thoughts.

The International Finance Corporation printed debut tranches from its onshore rupee bond programme on Tuesday. The bond — dubbed a Maharaja — marks the first time an international financial institution has issued in domestic rupees for over a decade. Also in Indian rupee, Inter-American Development Bank placed an increase of its three year offshore line on Wednesday.