HSBC

Encouraging Indian election exit poll results, a recent rating upgrade and rarity value all helped Bharti Airtel price a jumbo dual currency issue on Monday. Voracious investor appetite enabled the issuer to price flat to its existing curve, but ample leftover demand could see a replay of the hefty taps the issuer made last year, writes Isabella Zhong.

Indian Oil Corp has mandated nine banks for its latest fundraising, with strong support at the top allowing the borrower to increase its loan to $650m from the $500m it had sought in its request for proposals.

Hainan Airlines opened the books for a three year offshore renminbi transaction on Thursday, with investor demand reaching Rmb3bn ($481m) by late afternoon. The deal will be the first offshore RMB corporate bond to be listed, cleared and settled in Singapore.

China Shanshui Cement has made its debut in the syndication market, launching into general a $300m three year facility for its refinancing needs.

Noble Group, a supplier of agricultural and energy products, metals and minerals, has increased the final size of its loan to $2bn from the launch size of $1.35bn, with an impressive showing in syndication as some 40 banks joined.

Jingrui Holdings was forced to put its dollar bond on hold this week as bad news from the Chinese property sector deterred investors. But while bankers blame the macro backdrop, the company is small, highly leveraged and with a concentrated business model.

National Bank of Abu Dhabi was able to save 20bp on its US dollar cost of funding with an A$400m ($375m) bond that priced in March. Having printed twice in Australian dollars this year, the issuer is among a growing pool of international borrowers heading down under to find an alternative and cheaper source of funding.

Five FIG issuers took to the subordinated markets to take advantage of months of undersupply this week, with the results highlighting not just the feverish grab for yield but also just how far banks have come since the crisis of 2008 in building their capital levels.

Yankee banks returned to the dollar fray with opportunistic trades from Barclays and Westpac, with the UK bank mirroring a recent trend in euro deals by printing a long dated bond.

Rabobank and Banque Fédérative du Crédit Mutuel are taking full advantage of one of the best windows for subordinated issuance so far this year to print €4.2bn equivalent in tier two capital across three deals, as total European FIG issuance this week surpasses the €10bn mark.

The Investment Corporation of Dubai has the emirate’s sovereign curve in clear sight as it looks to issue a debut $500m six-year sukuk as well as a $500m 10-year conventional bond on Wednesday afternoon.

Kazakhstan Temir Zholy (KTZ), the state rail company of Kazakhstan, mandated banks on Wednesday to arrange investor meetings in Switzerland and Kazakhstan ahead of a possible debut Swiss franc deal. No Kazakh issuer has ever sold Swiss franc denominated debt.