HSBC

Tata Steel raised $1.5bn with its inaugural transaction on Thursday, as it looks to refinance loans incurred as a result of its $13.1bn acquisition of Corus in 2008. Despite pricing on a day when almost $2.5bn of new issues was injected into the Indian high yield arena, the trade nonetheless pulled in bids worth $9.1bn.

Shenzhen-based RedCo Properties Group issued initial price guidance for a dollar bond on July 25 in what is its first foray into the debt capital markets.

Export-Import Bank of China (Chexim) priced its first dollar bond in nearly a decade on Thursday and received an order book in excess of $10bn as investors flocked to the proxy government credit. Both tranches also priced with one of the lowest yields from Chinese issuers in recent years, according to bankers.

China Railway Construction Corp (CRCC) priced its debut perpetual bond on July 24. Its investor friendly structure enabled the borrower to price with the lowest coupon of any senior dollar perpetuals from Asia, according to bankers.

Two companies, Orion Engineered Carbons and Expro, have launched loans this week to refinance existing debt in co-ordination with US IPOs.

Gecina, a French real estate investment trust, priced a €500m seven year senior unsecured bond at 92bp over mid-swaps on Wednesday.

Jose Mosquera, ex-head of financials trading, and Rob Illingworth, ex-senior investment grade corporates trader, have both left HSBC in London, writes Hazel Sheffield.

Indian Oil Corp has closed its $650m five year financing with 18 banks joining during syndication. The deal was described by bankers as a resounding success after commitments worth $1.15bn piled in.

Hestya Energy - Materis - GHD Gesundheits

Tata Steel is back in the market for a $5.6bn loan and with a dozen lenders already on the mandate, sentiment ahead of the launch into general syndication is upbeat. But lesser known Indian corporates should not be holding their breath if they are looking to emulate the deal’s success. Although the country is back in lenders' good books, loan market liquidity is still the preserve of only a few flagship names, writes Shruti Chaturvedi.

Sino-Ocean Land made what one banker called a quasi-debut in the dollar market on Wednesday, pricing a five and 10 year dual trancher. Against a resilient market backdrop, the deal attracted $4.75bn in bids.

A recent first for the Formosa market — the dual Taiwan and Singapore listing of renminbi-denominated bonds from a Taiwanese corporate issuer — is unlikely to drive a flurry of similar issuance. While some in the market express hope that more issuers will follow suit, others are much less optimistic, arguing that such a small deal can never set a trend.