HSBC

The European Bank for Reconstruction and Development sold the only dollar benchmark of the week on Wednesday, in what could also be its only benchmark of 2014. The deal drew some criticism due to a tight spread, but is expected to perform well in the coming weeks.

BPCE took advantage of improving conditions and a light pipeline mid-week to feed the undersupplied sterling market, printing the largest ever deal in that market from a French bank.

The International Finance Corporation completed its $1bn offshore Indian rupee-linked bond programme on Thursday, pricing a seven year bond. Bankers expect the successful completion of the IFC’s programme to widen the range of investors involved in offshore rupee deals, while the issuer is already laying the ground for further deals.

MOVES IN BRIEF

Investors are scrambling for private placements from Turkish banks as they are one of the widest issuers in the market, according to a global head of medium term notes. But buying Turkish banks is not enough for some investors and the banks are beginning to print in local currencies to satiate yield starved investors.

China Citic Bank International kicked off Asia’s first US dollar Basel III-compliant tier one issue on Thursday. While a discretionary write-down trigger makes the notes more investor friendly than tier ones from other jurisdictions, some investors are cautious about macro risks affecting the credit. Others expected a larger spread, writes Isabella Zhong.

Turkiye Finans has taken advantage of Turkey’s post-election rally to hit the road on with a Reg S dollar sukuk, which is only the second non-sovereign Turkish bond to surface this year.

Korea Eximbank (Kexim) returned to the Kangaroo market on Wednesday, selling its second ever deal in the format. Investors reacted positively to the deal, allowing the leads to price comfortably inside of initial guidance with a healthy oversubscription.

HSBC has promoted Candy Ho to be global head of RMB business development in the bank's markets division, expanding her responsibilities from just the Asia Pacific region, which she had overseen since March 2011.

KGI International Holdings, the offshore holding company of Taiwan’s KGI Securities, has launched into syndication a $100m dual-currency facility, pricing it at 200bp over dollar Libor or Hibor.

The Democratic Socialist Republic of Sri Lanka on Monday priced its second international bond of the year and closed with the order book nine times oversubscribed. With Sri Lankan risk in hot demand, a well-timed move by the issuer enabled it to price inside its existing curve.

Vista Land & Lifescapes hit the road this week for what looks set to be the first international bond from a Philippine corporate this year as investors seek out more diversity. The issuer intends to use the proceeds to buy back outstanding bonds to refinance at a lower cost.