HSBC

Allocations have been finalised for the $1.55bn club loan for Malaysia International Shipping Corp (MISC), a subsidiary of Petronas, with eight banks joining the deal.

Korea Gas Corp (KoGas) is in the market with its third dollar trade of the year. The borrower opened books for a 12 year bond on Monday.

Krungthai Bank (KTB) issued Thailand’s first ever dollar denominated Basel III instrument on Thursday. Despite the political turmoil in the background, KTB’s bond was met with a strong response from investors. As a result, the issuer had upsized its bond to accommodate the demand.

China Construction Bank (CCB) Asia printed the first ever dim sum bond to be issued in Switzerland on Thursday, selling a Rmb1.25bn ($203m) three year print. The deal highlights the renminbi’s growing presence in Europe.

CMB Financial Leasing, a subsidiary of China Merchants Bank, opened up a $150m three year term loan into syndication on June 18.

Wireless products maker Comba Telecom Systems has signed a $125 million three year term loan in a deal co-ordinated by facility agent HSBC.

Rating: Caa3/B/B-

The United Kingdom has pulled ahead decisively in the lop-sided race to issue the first Western sovereign sukuk, writes Dan Alderson. Tiny rival Luxembourg could only look on this week as UK borrowing officials roadshowed the groundbreaking offering across six Gulf and Asian money centres in three days — bolstering London’s bid for regional leadership in Islamic finance.

The offshore renminbi market could be the next growth spot for socially responsible issuance following the first ever green deal in the format this week. The International Finance Corporation sold the pioneering deal and plans to return with more, though other issuers are debating the merits of green renminbi trades.

Cyprus drew a flock of international investors to its comeback five year syndication this week as Greece mulled its options for a second syndication of the year. But concerns are growing that a wave of volatility may be about to confront investors in an ever more frenzied hunt for yield as banks take up the European Central Bank’s targeted long term refinancing operations (TLTROs) later this year.

The covered bond market had one of its busiest weeks this year as six borrowers from five countries raised €5bn. With outright yields continuing to decline, and investors scrambling to hit return targets, supply was slanted to the long end, where more yield was on offer. Even so, several deals offered coupons that set new lows.

Eurobank on Thursday became the last of Greece’s big four banks to return to the capital markets after the country’s 2010 bailout. While the deal didn’t reach the blowout heights of some of its predecessors, it was received favourably and concluded a strong week of senior issuance that saw Dutch bank ING grab a hefty order book at an aggressive level.