HSBC

National Bank of Greece bucked the typical route taken by peripheral banks with renewed access to the capital markets, starting with a covered bond or short maturity senior unsecured, to mark its return with a five year senior bond that it printed though the level that the Greek sovereign was trading. It's a deal that has market participants both trumpeting the peripheral recovery story and wondering: to what extent yield hunger is distorting decisions?

Dubai issued a $750m 15 year sukuk this week in a drive-by sale that bankers hailed as a smartly executed, well oversubscribed deal that could tempt other issuers to sell long dated sukuk. But even as the deal drew a $2.3bn book and traded firmly in the aftermarket, some investors had misgivings, Dan Alderson writes. For them, the deal was a sign that Dubai’s strong bond rally is nearing its end.

PepsiCo, the US soft drinks and snacks group, sold its first bond in a continental European currency for 18 years on Tuesday, with a seven and 12 year euro bond that was capped at €1bn.

Kingdom of Sweden was able to price a five year euro benchmark at a level deeply through mid-swaps this week, as investors snapped up the rare opportunity to take on exposure to the sovereign despite the deal offering what leads say is the lowest coupon on a five year euro deal for a sovereign, supranational or agency all year.

German ball bearing maker Schaeffler is holding a lender call on Thursday to market about $2bn of transatlantic loans.

Turkish Finansbank, 77.23% owned by the National Bank of Greece, has picked Citigroup, HSBC, Morgan Stanley and Standard Chartered Bank to run a series of investor calls with international investors on Thursday. A benchmark 144A/Reg S note may follow.

Chinese property developer Yanlord Land Group has started building its $400m three year loan in general syndication, pricing the fundraising at 370bp over dollar Libor or Hibor.

Vista Land & Lifescapes priced the first corporate dollar bond from the Philippines this year after closing a tender offer. Despite continued strong domestic demand for its name, the issuer took the opportunity to distribute its new bond to a more international investor base.

Woori Bank printed the first US dollar Basel III tier two bond from a South Korean issuer on Wednesday night. A big order book helped the borrower to tighten initial guidance by 30bp, the largest margin for an Asian issuer issuing a Basel III compliant security.

The National Bank of Greece is set to price its five year senior unsecured bond inside where the Greek government’s recently issued five year sovereign bond is trading, as the exuberance of the peripheral recovery story continues.

Colombia’s oil sector could provide a double dose of new issues as pipeline company Ocensa prepares a debut deal that investors expect to be priced just wide of its parent Ecopetrol, which itself has just approved a new international bond issue.

Sinochem Hong Kong on Tuesday priced a $500m five year bond inside its existing curve, thanks to a trio of ratings upgrades which enabled the borrower to attract a high quality order book with a strong following by US accounts.