HSBC

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Nederlandse Waterschapsbank priced a green bond this week that was almost four times subscribed and came at a low concession to its curve. Another Dutch agency is exploring prospects in the market and expects to sell a debut deal later this year — meaning that all three Dutch agencies could have debuted in green financing within a year of each other.

This week’s first-ever Western sovereign sukuk represents a landmark moment in the global expansion of Islamic capital markets that offers significant potential to attract further new names to the product, writes Dan Alderson.

Investors said that Grupo Bimbo had priced its $1.3bn dual-tranche bond “to perfection” after the Mexico-based global bakery firm sold 10 and 30 year debt well inside its existing curve on Tuesday and then saw its bonds remain stable in the secondary market.

Al Hilal’s additional tier one perpetual sukuk drew big demand on Tuesday and set a template for further deals of its kind. Not everyone was convinced that the aggressive price compensated for what was essentially equity risk, but while the doubters may rue missing out this time, investors should carefully heed the warnings they have raised.

United Arab Emirates bank Al Hilal reopened the region’s dollar tier one market this week with an aggressively priced debut $500m perpetual sukuk — the first of its kind in the market for over a year, and at one of the tightest ever yields.

Greenland Global Investment on Wednesday became the first issuer to price a bond with a cross border guarantee under China’s recently revised rules. But discrepancies over the most relevant comparables meant that not everyone was confident that pricing came at the right level.

EMTN private placement activity has slowed since the European Central Bank cut rates on June 5, but flows are beginning to pick up as European investors and bankers adjust to the new environment and Japanese investors pick up their private placement activity.

UK insurer Aviva and French bank BPCE are out with euro denominated tier two deals on Thursday as the FIG market recovers from a slight sell-off following the shock revision of US first quarter GDP figures showing a 2.9% contraction.

Bankers have opened Zhongyu Gas Holdings’ $150m loan into syndication, pricing it at 313bp over dollar Libor.

Philippine shopping mall operator SM Prime, which gained six new mandated lead arrangers and bookrunners at the end of May for its $300m loan, is planning to close the deal as a club, thanks to a strong response at the top level.

1MDB sets eyes on $2.5bn — Citic in $1bn pricing talks — Agile out with HK$2.665bn — Delta Dunia spins $150m — REC lights up $100m — Springland shops for $250m — CMB Leasing throws open $150m