HSBC

Jinchuan Group priced its debut international bond, a three CNH issue, on July 10. The 4.75% bonds were reoffered at 99.724% to yield 4.85%, and the deal was the first time a regional state owned enterprise (SOE) had tapped the offshore RMB market via China’s National Development and Reform Commission (NDRC) quota system.

Latin American issuers continue to pile up tightly-priced, heavily-oversubscribed bonds even as market worries over Portugal’s Banco Espirito Santo tinged trading in the region on Thursday.

Scentre, the new Australian listed property company that holds the Westfield Group’s Australian and New Zealand shopping centres, issued its first bonds on Tuesday, and turned to the European market. Despite a weak day, it exceeded its target of €2bn, finding strong demand for a rare four tranche issue in euros and sterling.

Europe’s corporate bond market was knocked sideways on Thursday by a gust of fear about peripheral Europe, after problems deepened at Portugal's Banco Espírito Santo. The market has not shut down, but ACS, the Spanish construction company, pulled a deal and no issuer managed to price tighter than its initial thoughts.

Dutch insurer NN Group followed up a successful flotation — at $2.1bn, the largest IPO from a European entity this year — with a perpetual subordinated deal on Tuesday. Some bankers away from the deal were critical of it for failing to draw as large an order book as the issuer’s last offering.

The Inter-American Development Bank took advantage of strong demand for dollar paper this week to sell its largest dollar benchmark, while Bank Nederlandse Gemeenten also visited the market, suggesting that appetite remains robust despite many investors getting ready to embark on summer holidays.

Moody’s placed Iceland Foods' ratings under review for downgrade after the UK supermarket chain announced a plan to issue £955m of bonds.

Italian defence contractor Finmeccanica has signed a €2.2bn revolving credit facility, €200m smaller than the 2010 facility being refinanced.

Rating: Aaa/AAA/-

Fjord Line — Det Norske — Volvo

Nationwide on Tuesday became the third British financial institution to offer a three year floating rate note (FRN) in covered format this year. Looking to harness the remnants of the momentum it built in the market during its dual tranche euro deal at the end of last month, the building society’s deal was more oversubscribed than the other two similar deals done this year — from Abbey and Lloyds Bank — which were priced in January.

Three issuers launched covered bonds this week with varying results, which suggested that the converging trend between core and peripheral Europe has stalled. Banca Monte dei Paschi di Siena (MPS) struggled to attract anything like the demand seen in its previous covered bond as Portuguese woes outweighed the programme’s rating upgrade into investment grade territory.