HSBC

Allianz continued a strong run of deals for insurers on Thursday, drawing a large order book for a perpetual trade. Attractive levels compared to bank bonds are driving the trades, according to syndicate managers.

The senior FIG market enjoyed a barnstorming week in euros. A combination of a positive market tone following last week’s European Central Bank meeting and high levels of cash at investment houses allowed issuers to rack up large order books while pricing at competitive levels.

Hong Kong put its distinctive stamp on the burgeoning international sukuk market this week, as the first non-Islamic Asian sovereign to tap the asset class. That novelty proved no obstacle, though, with the $1bn five year deal meeting an enthusiastic response and adding momentum to the city’s aspiration of becoming a regional Islamic financing hub, write Isabella Zhong and Rev Hui.

Allianz continued a strong run of deals for insurers on Thursday, drawing a large order book for a perpetual trade. Attractive levels compared to bank bonds are driving the trades, according to syndicate managers.

Powerlong Real Estate Holdings finally succeeded in tapping the dim sum market this week, raising Rmb1.5bn ($244m) via a 10.75% 2017 note on September 10. This was the issuer’s second attempt at a bond this year, having failed to price one in January.

Pelindo III eyes maiden dollar bond — Indonesia's MPM seeks debut — Tata Comms looks to tackle dollar inaugural — FWD picks five for roadshows — IFC mandates three for dim sum — Honghua seeks international debut

ICICI Bank opened books for a 5.5 year bond on September 11, just four months after the Indian lender last tapped the dollar market for funding.

Orders piled in on Tuesday and Wednesday for HSBC's first additional tier one (AT1) deal, a triple tranche trade denominated in dollars and euros. Bankers away from the deal, set to be priced on Wednesday afternoon, said the success of the deal was a positive sign for upcoming prints from Crédit Agricole and Nordea.

The FIG market benefitted from buoyant sentiment this week following the latest announcements in the ECB's easing programme last Thursday. Senior and sub deals are both enjoying good responses, boding well for HSBC's debut additional tier one (AT1) print, set to be priced later today.

After a botched deal in January, China’s Powerlong Real Estate Holdings is back in the dim sum market, opening books for a Rmb1.5bn ($244m) three year paper on September 10. Gone is the issuer’s previously aggressive approach to pricing: the new deal is coming at a huge discount to its existing curve.

The acceleration of renminbi globalisation suggested by this year's flurry of offshore RMB clearing bank appointments does not mean that China is abandoning its approach of gradual experimentation, say analysts. In fact, the country's encouragement of multiple silos is in keeping with the classical Deng Xiaoping method of "crossing the river by feeling the stones", says Pauline Loong of Asia-Analytica.

Barclays is increasing its presence in Asia debt capital markets (DCM) by adding two members to the team, according to sources close to the moves.