HSBC

Federal Reserve economists have warned of ‘financial stability’ concerns around the US treatment of foreign banks, after publishing research suggesting that some institutions were hiding assets in branches to escape closer regulatory oversight.

A group of nine issuers from Asia sold green or sustainability dollar bonds this week, propelling volumes to new highs. A large part of the debt business in the region is still focused on green and the environment, but there is growing urgency to pay more attention to governance standards. Morgan Davis reports.

Guandong Haid Group Co and Shenzhen Yuto Packaging Technology Co are both making their debuts in the loan market.

Macquarie shed over a third of its order book on Wednesday as it priced its third euro deal in 18 months at what was deemed a “very tight” level. It was joined in the senior market by Swedbank, which was issuing its first callable non-preferred bond.

Danske Bank set a careful foot into the Reg S dollar additional tier one market this week, in the wake of a difficult trading session for global equities.

The rapid pace of new dollar bond issuance from Chinese property companies continued from Monday into Tuesday as four more borrowers joined the fray.

One of China’s big four banks, Agricultural Bank of China, and securities house Haitong International Securities Group joined the flurry of Chinese bond deals in the offshore market this week.

Philippine company Vista Land & Lifescapes bagged $170m from a tap of its 2027 notes this week.

Chinese conglomerate Fosun International has sold its second dollar bond of 2021, raising $500m once again.

The European Investment Bank failed to impress market participants on Tuesday with an order book far smaller in size than usual for an Earn benchmark and no move in the spread after guidance.

Germany sold a 30 year green bond via syndication on Tuesday, pricing the trade 2bp through its conventional twin bond of the same maturity and coupon.

The financial institutions bond market in euros was on hold on Tuesday, as European issuers saw no reason to rush into doing deals while global equities were selling off and interest rates were being buffeted by expectations of inflation.