Mizuho

Singapore-based wastewater treatment company Hyflux has cut the size of its loan to $224m after failing to muster enough demand.

Islamic Corporation for Development (ICD) printed a $300m five year sukuk on Wednesday. But it drew heavy criticism for having priced at the wide end of guidance with a lower size than the benchmark originally targeted.

Rather than cherry picking its favourite banks for its $10bn sovereign loan, the Kingdom of Saudi Arabia will “pull together a handful of banks” to get the deal done, according to a banker in discussions with the sovereign.

The Islamic Corporation for Development printed its $300m five year sukuk on Wednesday but drew heavy criticism for having priced at the wide end of guidance with a lower size than the “benchmark” originally targeted, and for a lacklustre performance in the secondary markets on Thursday.

Telefónica hit the European bond market on Wednesday for a €2.75bn dual tranche deal that drew hefty demand, but later widened in secondary.

The Islamic Corporation for Development set the spread on its benchmark sukuk at the wide end of guidance on Tuesday afternoon in London, but by Wednesday midday the sukuk had still not been priced.

Mizuho Financial Group has raised $4bn from a triple-tranche bond to meet its total loss-absorbing capacity (TLAC) requirements. All three Japanese global systemically important banks have now issued such notes this year and market participants said investors and issuers are warming up to the product.

The Islamic Corporation for Development has released initial price guidance for its dollar benchmark five year sukuk and is expecting to print the note later on Tuesday.

Petronas' subsidiary Malaysia International Shipping Corp is in the process of putting together a club of banks to supply a $1bn bridge loan.

The Asia DCM market opened to a slew of issuance on Tuesday with Singapore duo Olam International and PSA International, Korea National Oil Corp and Japanese lender Mizuho Financial Group looking to tie up their respective dollar transactions.

Mizuho has appointed Andrew Dewing, the former head of US corporate finance, to become head of North American banking.

Thai company PTTEP Offshore Investment has signed up four lenders for a $500m club loan.