HSBC

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.

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.

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.

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.

Two issuers from the eurozone’s periphery hit the senior market on Thursday despite a halt in the rally triggered by a rates cut from the European Central Bank last week.

Kookmin Bank will be meeting investors during the next two weeks for a proposed international bond.

Indian Oil Corporation launched its $650m five year loan into syndication on June 6 after adding five mandated lead arrangers and bookrunners to the existing nine.

PTT Exploration and Production (PTTEP) printed the first dollar corporate hybrid from Thailand on Wednesday, a perpetual non call five. Despite a noisy Thai political backdrop, the deal attracted a legion of yield-hungry investors who drove final pricing a staggering 37.5bp tighter than initial guidance.

Eleven banks have joined Chinese state-owned grain trader COFCO’s $3.2bn dual tranche loan, even though it was launched at a time when regulators were cracking down on bank exposure to China.

France returned to the primary debt market this week with its first syndicated linker in more than three years, drawing a hefty order book for the inflation-linked bonds despite concerns over deflation in the eurozone.

Georges Elhedery has been appointed as head of global banking and markets, MENA at HSBC.

Goodman Hong Kong Finance opened the books for its inaugural dollar bond on Thursday following the establishment of an EMTN programme.