HSBC

CMB HK makes dollar debut with three year — KEB rides RoK tailwind — MCC puts dollar return on drawing board — HK Huafa seeks offshore RMB debut

ICICI Bank made the most of the voracious post-election appetite for Indian credits to price a $250m tap of its 4.8% 2019s inside where the existing bond was trading on May 29. It was the first time that an Asian issuer had achieved such a feat, according to bankers.

China Overseas Land and Investment (COLI)’s dual tranche tap went ahead as planned on Wednesday but reverse enquiry meant that the borrower added a new 20 year bond mid-way through the process. The new bond also doubled the size of the issue to $1bn.

Guernsey could follow Jersey into the capital markets, with the bailiwick’s treasury minister considering a debut deal following Jersey’s inaugural debt sale this week. If Jersey’s more than twice oversubscribed debut is anything to by, Guernsey can expect a warm welcome.

Kazakhstan Temir Zholy (KTZ), the Kazakh state owned rail company, and Panamanian lender Global Bank both made their Swiss franc debuts this week. While attractive yields have made emerging market credits popular with Swiss investors, both borrowers struggled to appeal to institutional accounts and were forced to print smaller than expected deals.

A pair of European supranationals could be the first to tackle funding in the wake of the European Central Bank’s announcement this week that it had cut rates and unveiled a series of measures to improve liquidity in the eurozone.

HSBC has become the second lead bank to drop out of a loan of up to $2bn for a special purpose vehicle linked to oil firms Rosneft and BP.

Chinese state owned logistics company Sinotrans priced its second offshore renminbi bond on Tuesday with a Rmb1bn ($162m) three year issue. However, oversupply from China in the dim sum market and investor unfamiliarity meant the deal was met with a fairly quiet reception.

Kazakhstan Temir Zholy (KTZ), the national rail company of Kazakhstan, is set to make its Swiss franc debut on Wednesday afternoon, selling a dual tranche deal. A lack of demand from institutional buyers is likely to limit the size of the deal, though the issuer could look to tap the deal quickly if interest in the grey market is strong enough.

The oil and gas arm of Brazilian conglomerate Odebrecht will meet investors from Thursday ahead of a planned 144A/Reg S perpetual bond issue.

HSBC has confirmed the new co-heads replacing Russell Julius as head of banking for Asia Pacific after last week’s news that he is moving to a new role in Europe. The bank has recruited internally for the positions, promoting staff from its Hong Kong and London offices.

With the growth of floating rate note issuance in Europe recently, it is perhaps surprising that RCI Banque, the finance arm of Renault, had not yet joined the trend. But the revival of FRN investors’ appetite, in terms of size, credit quality and maturity, has been fairly recent, making now the right time to bring RCI, bankers said.