HSBC
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Wal-Mart, the US hypermarket group, launched its second bond in euros on Tuesday, raising €1.5bn. The deal showed that the euro market still has capacity for big drive-by corporate transactions, despite the heavy issuance recently, culminating in last week’s record issuance of €18.5bn.
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Saudi Electricity Co priced $2.5bn of dollar sukuk late on Tuesday — its biggest ever offering — inside initial guidance. -
Investors sank their teeth into tier two FIG debt this week, with insurance company NN Group, BBVA and NordLB each hitting the market in an otherwise quiet few days for the market, compared to recent weeks.
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A trio of SSA issuers took to the dollar market this week to sell aggressively priced deals, filling gaps in supply at the front end and belly of the curve. However, while deals this week may have thrived at very tight levels, syndicate officials have warned that issuers may need to be more reasonable in the levels they demand in the near future.
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Svenska Handelsbanken sold its debut Kangaroo bond on Wednesday morning, the first senior unsecured note in the format out of Scandinavia. Strong demand for the print could encourage deals from other Nordic issuers, according to bankers involved with the deal.
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German pension funds have joined Japanese investors hunting for long dated paper from sub-sovereigns, according to medium term note dealers. They are finding super long paper from French regions, but supply is limited and German regions are beginning to tap the demand by pushing further out along the curve.
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The Republic of Slovenia demonstrated the huge progress it has made since the start of the year, slicing into its euro curve with a dual tranche deal that pulled its spreads in euros and dollars 10bp-20bp tighter.
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Région Île-de-France will roadshow a new 12 year green sustainability bond next week, which bankers believe could be the first syndicated green bond from a regional government.
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Essilor, the French maker of optical lenses and equipment, launched on Thursday its first bond in euros since 1996, adding a 10 year tranche to the main seven year offering as the deal attracted strong demand.
