HSBC

Renewed appetite for India following the Bharatiya Janata Party (BJP)’s resounding victory in the country’s recent elections helped Syndicate Bank’s 5.5 year bond to price well inside its existing curve on Wednesday.

Turkish Halkbank printed its $500m five year bond flat to its curve on Wednesday having built a book of over $4.25bn for the deal. The bond benefitted from the low supply of Turkish bank bond paper this year and from further sovereign supply expected to be slim for the rest of the year.

ICIC Bank is making the most of the upbeat outlook on India. The privately owned lender reopened its Reg S/144A 4.8% 2019s for what dealers are expecting to be a $200m tap.

Indonesian state-owned oil and gas company Pertamina priced the largest single tranche 30 year dollar bond from an Asian corporate issuer in the early hours of May 23. Despite the leads not announcing the deal until 2:30pm HKT the day before, books built well and investor appetite for Indonesian credits drove pricing through the issuer’s existing curve.

The mandated lead arranger and bookrunner group for Philippine shopping mall operator SM Prime Holdings’ $300m fundraising has expanded, with seven banks now at the top level.

Logan Property Holdings printed its inaugural international issue, a five year non-call three dollar bond, on Tuesday. Dealers brought the high yield borrower to the market after seeing reduced headwinds to Chinese property.

The Republic of Indonesia can expect strong demand and tight pricing for a dollar sukuk if it comes to market soon, said investors, after the country picked four banks for the sale. The mandate follows a triumphant rally since the start of the year and a big turnout for Pertamina’s 30 year bond last week.

AS Watson, the retail and manufacturing arm of Hong Kong conglomerate Hutchison Whampoa, signed its HK$15bn ($1.93bn) loan on May 22 with a total of 22 banks, with lenders putting in their commitments in either Hong Kong dollars or euros.

Mexican microfinance company Financiera Independencia (Findep) cut its borrowing costs with a $200m five year bond to buy back old debt, overcoming the fact that the deal’s small size put off some investors.

Sinotrans will meet investors for a proposed offshore renminbi bond as the borrower looks to sell its second deal in the market after making its debut in 2011.

Hong Kong's Rugby Sevens is a big deal for HSBC, but this year's tournament held some extra interest for the bank's global senior management. Russell Julius, head of Asia-Pacific banking, had taken the opportunity of them being in town to discuss a return to Europe to help replicate a formula that has worked well in Asia — converting the bank's top commercial banking clients into users of its investment banking and capital markets platform.

US Treasuries rallied even further this week, leaving many market participants scratching their heads – but corporate borrowers did not waste the opportunity.