HSBC

Bayer, the German chemicals and pharmaceuticals firm, will issue about €3bn of hybrid capital as early as tomorrow, as part of the financing for its takeover of Merck & Co’s consumer care business.

UK insurer Phoenix Group is set to hit the road on Wednesday ahead of a debut bond deal. With the pipeline quiet, bankers away from the trade welcomed the deal, though warned that the lack of a credit rating was likely to trigger discussion among investors.

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

United Arab Emirates bank Al Hilal has launched a $500m additional tier one perpetual sukuk at a yield of 5.5%, after twice tightening guidance from Monday’s 6% area initial price thoughts.

Chinese department store operator Springland International Holdings has launched a $250m three year term loan into syndication.

Korea Gas Corp (KoGas) priced its third dollar deal of the year on Monday, with the issuer attracting a wave of interest despite choosing an unconventional 12 year tenor. The new bond priced well inside the borrower's curve.

Greenland Global Investment is looking to become the first issuer to make use of China’s revised cross-border guarantee rules. Regulators recently made it easier for parent companies to guarantee offshore issuance, with the changes effective from June 1.

China Construction Bank (Asia) is back in the dollar market with its second deal in three months, opening books for a five year bond on Tuesday.

Grupo Bimbo, the Mexico-based global bakery firm, may announce a new $1bn bond issue as soon as Tuesday after completing a roadshow on Friday. LatAm syndicate bankers expect a 10 year tranche and possible 30 year trade.

SGSP Australia Assets, the new name for the holding company of Jemena, the gas and electricity distribution business, issued its first bond in euros on Friday June 20.

Intesa Sanpaolo has signed a €75m agreement with the European Investment Bank to support trade between Greece and Italy.

Beijing Infrastructure Investment (Hong Kong) priced its debut offshore renminbi bond on Friday. The issuer had taken an exhaustive approach to preparing the deal and was rewarded with tight pricing.