HSBC

Kuwaiti Burgan Bank is still looking for an opportunity to print its tier one perpetual note this week Emirates NBD's $500m perpetual — a comparable deal from Wednesday — having fallen 1.5 cash points in secondary trading since it was priced.

China Development Bank raised Rmb2bn ($325m) from a dim sum bond issued in London on Friday on a day that saw a raft of announcements intended to boost the use of offshore renminbi in the city as bankers and policymakers took part in the 6th UK-China Economic Financial Dialogue.

Hong Kong’s Chong Hing Bank will be meeting investors this week for a proposed additional tier one (AT1) bank capital issue. If successful, the deal would be not only Asia’s second dollar Basel III AT1 transaction but also the borrower’s first international issue in almost four years.

Allocations are out for Chinese real estate company Franshion Properties’ HK$4bn ($516m) three year dual currency loan that was launched in May to back plans for listing its hotel assets on the Hong Kong Stock Exchange. The deal took a while to close as the borrower’s sector was not a popular one among lenders, said bankers.

Hong Kong’s landmark sukuk comes with a host of potential benefits for the wider Islamic finance market, Rafe Haneef, chief executive of HSBC Amanah Malaysia in Kuala Lumpur told IFIS. The deal’s success should help encourage other regional sovereigns to consider sukuk, but also has valuable implications for the dim sum and mainland Chinese markets.

ICICI Bank took the market by storm on September 11 by pricing a $500m 5.5 year deal with a coupon of just 2.5% – the lowest ever achieved by an Indian lender.

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Covered bond issuers priced 10 benchmark sized deals this week, raising €11bn on the back of an aggregate €26bn of demand. Average order book sizes were boosted after the European Central Bank announced last week its intention to proceed with a third covered bond purchase programme.

The covered bond market for sterling FRNs picked up on Monday as Barclays priced the largest ever deal in the currency and Danske Bank priced a benchmark. The two borrowers follow Nordea Eiendomskreditt, which attracted robust demand last week.

Less than a week after mounting concerns that investors were turning away from additional tier one debt, HSBC’s standout trade on Wednesday showed that AT1, a crucial element of banks’ post-crisis capital structures, was firmly back in play. With $30bn of demand across the UK bank’s euro and dollar tranches, the stage is set for more lenders to issue the product, writes Nathan Collins.

White goods company Arcelik priced the first ever sub-investment grade emerging market euro deal with no high yield covenants on Wednesday. While bankers claim the deal paves the way for more Turkish corporate deals with no covenants, they admit that only an elite group will be able to follow.

Agence Française de Développement this week became the first supranational or agency issuer to raise €1bn with a green new issue in euros at the long end of the curve, while the European Investment Bank priced a tap of a November 2026 Climate Awareness Bond in Ecoop format. That came just a week after it sold the original deal, which is its longest benchmark Climate Awareness Bond in euros.