HSBC

The Emirate of Abu Dhabi raised $2bn on Tuesday, in a deal that bankers said achieved one of the largest negative new issue premiums on any sovereign dollar investment grade bond so far this year.

Zhongyu Gas Holdings, a Hong-Kong listed natural gas distribution company, pulled its debut dollar bond on Tuesday evening after setting final guidance, leading some away from the trade to speculate that an aggressive pricing approach scuppered the deal. But its hiccup didn’t deter other issuers from hitting the market. Morgan Davis reports.

Europe’s high grade corporate bond market had a distinctly Spanish flavour on Tuesday as Cellnex and Merlin Properties issued. Some analysts predict that the healthy earnings season might mean a 15% rise in bond issuance from the European market.

UBS Group made a swift return to the dollar bond market on Tuesday, as it went in search of an additional tier one transaction a day after raising $3bn of senior unsecured debt.

The Emirate of Abu Dhabi, one of the highest rated sovereign issuers in the Middle East, was in the market on Tuesday for a seven year dollar bond less than a year after it broke records by issuing the Gulf's longest ever bond.

Bank borrowers returned to a stronger euro bond market on Tuesday, but deal arrangers warned of lingering concern over rates and inflation as KBC Group struggled to draw a crowd for a long-dated offering.

Three Chinese borrowers and one Hong Kong issuer hit the international bond market on Monday, getting ahead of a pick-up in deal flow expected in the rest of the week.

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.