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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.

Export-Import Bank of China (Chexim) opened guidance on its first dollar bond in nearly a decade on Thursday. With investors viewing the policy bank as a proxy for the sovereign, bankers are looking at where other state owned enterprises (SOEs) are trading to price the deal.

Yue Xiu Enterprises made its debut in the equity-linked market with a $200m exchangeable bond that attracted keen interest from outrights and hedge funds alike.

Advanced Semiconductor Engineering (ASE) issued Asia’s first corporate green bond on July 17, attracting an enthusiastic response from investors. However, in a region where environmental sustainability still takes a backseat to economic growth, it was rarity value that attracted buyers to the inaugural three year issue rather than its green status.

Deutsche Hypothekenbank, NordLB’s commercial real estate subsidiary, opened books on Monday for its first Pfandbrief of the year. This is the first time for more than four years that a German issuer has priced a deal in the second half of July but leads still attracted a heavily oversubscribed order book.

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

Orion Engineered Carbons, a German carbon black producer, is raising a €780m-equivalent loan to refinance its capital structure ahead of its US IPO.

Tata Steel announced a 5.5 year and 10 year dollar denominated dual trancher on Wednesday afternoon. The borrower is the second from the Indian high yield arena to open books for a debut dollar deal today, joining renewable energy company Greenko.

Sino-Ocean Land is making its reappearance in the international bond market, unveiling a dollar five and 10 year dual trancher on Wednesday. The Hong Kong-listed real estate developer was last seen in May 2011.