HSBC
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The European Stability Mechanism is expected to dominate the new issue market next week when it brings its second benchmark of the year. The week contains only a short window of issuance for benchmarks but heavy redemptions over the last month should assure borrowers of strong demand.
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Three periphery issuers took the limelight in the senior market this week — Banco Espírito Santo, Bank of Ireland and La Caixa all selling euro benchmarks. All three issuers can be pleased with their order books — La Caixa recording hefty demand and Bank of Ireland and BES impressing on quality. -
Bank of Ireland highlighted the rehabilitation of financials from the eurozone's periphery in the eyes of investors on Wednesday by drawing a high quality order book for a new three year benchmark. La Caixa was also in the market with a comfortably oversubscribed three year bond.
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An orphan special purpose vehicle that is raising a loan of around $2bn to finance oil purchases by BP from Rosneft is still moving ahead with the deal, but in the tense atmosphere around Russia, has abandoned plans to tighten the margin.
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Colombia oil pipeline operator Ocensa brought spectacular price tightening and bumper books back to the LatAm bond market on Wednesday when it priced a $500m debut bond 40bp inside initial pricing thoughts.
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Korea Resources Corporation (KoRes) priced a five year transaction on Tuesday night. The issuer will be using the proceeds to repay a project financing facility for a mining project in Mexico.
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BOC Aviation released guidance on a new five year bond on Wednesday April 30. The issuer was last seen in the dollar market in April 2013 when it issued a $350m 4.375% 10 year. In May it issued a tap of this bond to raise $150m.
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Bank of Ireland is set to sell its third senior unsecured benchmark since the financial crisis on Wednesday, choosing a three year deal. Meanwhile, La Caixa has drawn a strong response for a euro benchmark senior unsecured of its own.
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State Grid Corporation of China launched a triple tranche $3.5bn deal on Monday. While the 10 and 30 year tranches priced inside the curve of China National Offshore Oil Corporation (CNOOC), the deal nonetheless suffered from investor fatigue as the market struggled to digest the $9.5bn already raised by Chinese state owned enterprises this month.
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CLP Power attracted a strong following from institutional investors for a hybrid perpetual non-call 5.5 year bond that was priced on April 29. The trade was intended to strengthen the issuer’s balance sheet following the announcement of big acquisitions at the end of last year.
