HSBC

A growing sector of the medium term note market could receive an extra injection of diversity, after a new report from Moody’s this week predicted that swingeing cuts to French local and regional governments’ budgets will increase debt levels.

Financials shrugged off a short week to print €4.5bn of senior euro debt in just two days, as issuers looked to hit the market ahead of next week’s ECB meeting. The promise of more attractive new issue premiums than in recent weeks helped to buoy the trades, with issuers showing growing willingness to pay up slightly to grab investors’ attention.

An innovative new UK guaranteed bond sold last week is set to be one of the main price points when the States of Jersey prints its debut bond, people familiar with the discussions have told GlobalCapital.

Huntsman International, the chemicals manufacturer listed in New York, increased the size of its senior note tap by €45m before pricing it on Wednesday.

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.