HSBC
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Unédic is set to become the third issuer this week to bring a euro benchmark after the summer, having mandated a deal for Friday following deals for Finland and Bank Nederlandse Gemeenten (BNG) earlier in the week.
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Mergers and acquisitions are set to be an important driver of corporate bond issuance this autumn. Deal mandates are already building up — in fact, M&A is the driver for virtually all the deals that have yet appeared in Europe’s corporate bond pipeline this season. -
Agence Française de Développement has hired banks to arrange a string of investor meetings in Europe before a potential debut climate bond in euros.
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The additional tier one deal pipeline may have shuddered back into life earlier than expected this week as two banks announced roadshows following a rally inspired by inspired by dovish comments from European Central Bank president Mario Draghi. But volatility has since set back into the market and looks ready to test the asset class’s hardiness, writes Graham Bippart.
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Burgan Bank has set investor meetings for the first ever international perpetual tier one bond from Kuwait. The Reg S benchmark dollar bond is being arranged by Citi, HSBC, JP Morgan and National Bank of Abu Dhabi.
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Insurance conglomerate China Taiping kicked off investor meetings on August 28 for a subordinated perpetual offering. If the deal goes ahead, Taiping will be the first Asian insurance company to issue a dollar perpetual hybrid.
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Bank of China has held a beauty parade for its inaugural Basel III compliant tier two offering this week and is understood to have mandated three banks for the offering.
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Hong Kong took another step towards its long awaited debut sukuk issue on Thursday, announcing roadshow dates for the proposed dollar deal. The transaction is the first step in the financial centre’s bid to establish itself as a regional Islamic financing hub. But scepticism of the plan and its chances of success remains high, write Virginia Furness and Isabella Zhong.
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Concerns that there would be a dearth of additional tier one (AT1) deals ahead of the European Central Bank’s Asset Quality Review appear to be receding as Santander joins the pipeline, mandating leads for its second euro denominated AT1.
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The brewery, pub and hotel company Fuller, Smith & Turner, famous for its London Pride premium ale, has signed two revolving credit facilities totalling £180m.
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HSBC has promoted Andy Grisdale to chief of staff for commercial banking in Asia Pacific, with Mahbub Rahman moving into his old role as head of commercial banking HSBC Malaysia.
