HSBC

Anglo-Dutch publisher Reed Elsevier issued its latest five year bond in sterling on Friday, taking advantage of limited supply to meet some of its funding needs in the currency.

Sichuan Development Holding, which is wholly owned by the Sichuan government, priced a groundbreaking debut three year offshore renminbi bond on Thursday, July 24. Backed by multiple credit enhancements, the bond is the first CNH issue from a Chinese local state owned enterprise (SOE) to be sold without a quota from China’s National Development and Reform Commission (NDRC).

Hong Kong listed RedCo Properties Group made its debt capital markets debut on July 25 but the borrower struggled to gain traction with investors and was unable to tighten guidance.

China’s Greenland Holding Group will be meeting investors this week for a proposed dollar deal, following the establishment of a $2bn MTN programme.

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.