HSBC

Corporate bond issues came at a healthy clip in the US market this week, despite earnings blackouts, as investors showed a preference for highly rated paper.

Bank of Cyprus and Nykredit, at opposite ends of the FIG ratings spectrum, issued tier two bonds over the last week and both found strong demand from investors for the extra spread the product offers over senior debt. But with bank capital ratios rising, there seems little appetite among other issuers to follow.

Rating: Caa2/CCC

Spanish electrical utility Iberdrola issued sustainability-linked debt this week with a key performance indicator linked to the theme of social equality. This growing trend in the loan market is expected to make the leap to corporate bonds, pushing investors to put more focus on a company’s entire ESG performance, rather than the narrow KPIs of one deal.

Rating: —/AA+/AA+

HSBC has named a senior Wells Fargo banker as its new head of global banking for Europe, replacing the departing Philippe Henry.

Bpifrance will be holding calls with investors next week to introduce its new green bond framework ahead of a debut deal in the format with the proceeds to be focused on renewable energy projects.

The government of Malaysia has made a triumphant return to the bond market, raising $1.3bn from a dual tranche sukuk. The inclusion of a sustainability label meant a diverse set of investors flocked to the trade, allowing the sovereign to surpass its initial size goal. Morgan Davis reports.

Airtel Africa, the UK telecommunication company providing services across Africa, has raised $500m from a range of international lenders. It becomes one of the latest Africa-based issuers to inject activity into the syndicated loan market.

The Mexican conglomerate Fomento Económico Mexicano (Femsa) was in the market for sustainability-linked bond in euros on Thursday, marking the latest in a string of innovative trades from the Latin America.

China Gas Holdings fell by more than 11% on Thursday after it raised HK$11.66bn ($1.5bn) from the sale of new shares through a top-up placement.

Three Chinese corporate borrowers raised a combined $757m from the offshore bond market on Wednesday.