HSBC

Sovereign, supranational and agency issuers have been basking in the heat of rampant investor demand this week, as deals from the eurozone core to the periphery have drawn blowout books at super tight spreads. Such has been the demand that borrowers of all stripes have been able to pick their choice of currency and tenor at leisure.

UOB has opened guidance on its second Basel III compliant tier two offering of the year though this time has opted for Singapore dollars. The trade will be the first new style tier two bond in the currency.

Agricultural Development Bank of China (ADBC) has opted for a single two year bond for its latest transaction in the offshore renminbi market, breaking away from its history of multi tranche issues.

Industrial and Commercial Bank of China’s Singapore branch has opened guidance on a new 3.5 year bullet. The new deal marks the bank’s third visit to the bond market in Asia this year.

A burst of opportunistic corporate bond issues came to the European bond market on Tuesday, as issuers leapt on near-perfect market conditions after a very strong Monday, led by GDF Suez’s €2.5bn green bond issue.

The senior market experienced an explosion of activity on Tuesday following a quiet opening to the week, with three issuers taking to the belly of the curve to sell euro denominated deals. The five year area of the curve is expected to see more activity later in the week, as investors abandon the short end in search of yield.

China Construction Bank Sydney Branch printed a Rmb500m ($80m) two year offshore renminbi bond on Monday, a small deal but one that established a footprint for the issuer in the Australian CNH market. The transaction followed an Rmb2bn bond from Bank of China Sydney last month.

Encouraging Indian election exit poll results, a recent rating upgrade and rarity value helped Bharti Airtel price a jumbo dual currency dual tranche 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 on its debut dollar and euro bonds last year.

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

Prospective borrower Investment Corporation of Dubai will issue both sukuk and conventional bonds as part of its dollar offering, according to one investor who attended the company’s roadshow.

Jingrui Holdings has been forced to put its dollar offering on hold after as bad news from the Chinese property sector deterred investors. But while bankers are solely blaming the macro backdrop, the company is small, high leveraged with a concentrated business model.

Indian telecommunications company Bharti Airtel launched transactions into two currencies on the same day. The issuer opened the books for a ten year dollar issue on Monday morning and a few hours later, it hopped over to the euro market where it opened the books for a seven year offering at the London opening.