HSBC
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Krungthai Bank (KTB) is gearing up to issue the first dollar-denominated Basel III bond from Thailand, having arranged a series of investor meetings next week. -
Goodman Hong Kong Logistics made its dollar debut on Thursday with a $400m 10 year bond. Met with a strong reception from investors, the issuer had increased the size of the transaction from its original target to accommodate the demand.
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Vitol’s $1.7bn refinancing loan has swelled to $1.87bn, signing up eleven mandated lead arranger and bookrunners for the trade
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Issuers benefited from ideal market conditions for senior unsecured trades this week, with spreads rocketing inwards following the European Central Bank’s decision to cut rates last week. While the sharpest part of the rally may be over, issuers are expected to enjoy an easy ride for the foreseeable future as syndicate bankers expect spreads to grind even tighter.
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General Electric is the world’s biggest bond issuer, and usually one of the US issuers that comes most frequently to European markets — partly to diversify its funding, and partly because it has European-based businesses to finance.
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A bevy of SSA issuers was able to print dollar benchmarks at tight levels this week, crystallising strong performances seen since the start of the year.
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Spain dived head first into the enticing liquidity pouring from the European Central Bank and came up dripping with cash this week, but its innovative syndication and two day switch offering combination may well be better remembered for how the ripples affected other sovereigns in the pool rather than the initial splash it made, said bankers. Craig McGlashan reports.
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This week's European corporate bond issuance continued to pick up the pace on Thursday, as four deals came to the mainstream euro and sterling markets, plus an Austrian retail-targeted issue for Novomatic, which makes gambling machines.
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HSBC has combined its rates, credit and EM trading business into one combined offering, to be headed by Elie El Hayek, the former global head of rates.
