Mizuho

UK property company Hammerson has signed a new £1.5bn three year revolving credit facility, bringing in a dozen banks for a financing aimed at slashing the funding costs of its acquisition target, Intu.

Shinhan Bank was forced to pay a new issue premium (NIP) to complete its Basel III-compliant tier two deal on Monday, like most other issuers in recent weeks. But the South Korean borrower still managed to price its bond tighter than expected.

Two new SRI corporate bonds were priced on Monday, but with very different results. Iberdrola’s green hybrid bond failed to tighten from initial price thoughts, while Danone’s debut social bond had to pay just 2bp of premium.

Rural Electrification Corp ventured out with a 10 year deal on Thursday, despite recent bonds with the same tenor widening by as much 10bp in the aftermarket. But the Indian issuer was vindicated in its choice, with its notes seeing solid secondary performance.

Spanish telecoms company Telefonica announced the sale of new hybrid issues this week while also tendering for several of its outstanding hybrids. After more than a month since the last benchmark euro hybrid issue, investors contributed to an order book exceeding €4.5bn.

Brazilian mining giant Vale is continuing its liability management efforts, with a tender offer for up to $1.75bn of two bonds maturing in 2021 and 2022, having already decided to exercise its right to redeem all of its 2020s.

Abu Dhabi Commercial Bank has named leads for its first publicly distributed dollar bond for three years.

Spanish telecoms company Telefonica has announced the sale of its latest hybrid new issues while also tendering for several of its outstanding hybrids. After over a month since the last benchmark euro hybrid issue, investors contributed to a large order book.

China Eastern Airlines Corp has raised ¥50bn ($468m) in Tokyo’s Pro-Bond market, breaking new ground in Japan with a standby letter of credit (SBLC) structure. Some bankers reckon the deal could be the first of many to come.

French property company Gecina started its funding programme for 2018 with a €500m 12 year offering on Wednesday after selling €2.5bn of bonds in 2017.

Tata Sons is poised to end a decade-long absence from the syndicated loan market when it launches a $1.5bn transaction later this month.

Hyundai Capital America raised $800m from a dual-tranche issuance on Wednesday, the same day that chemical giant China National Chemical Corp walked away with more than $6bn from the market.