MUFG

A $1.775bn loan for ONGC Videsh, the international arm of India’s Oil and Natural Gas Corp, has attracted commitments from just two lenders in syndication, with the deal due to close by the end of this week.

Hindustan Petroleum Corp (HPCL) has launched a $465m 21 month refinancing into general syndication with three participation levels on offer.

Mitsubishi UFJ Financial Group is set to break new ground in Asia with an inaugural offering of bonds that meet total loss-absorbing capacity (TLAC) requirements.

Standard Bank is in the market for two loans, a $750m deal for Standard Bank of South Africa and a deal for its Kenyan subsidiary, Stanbic Kenya, according to bankers.

Royal Dutch Shell has cancelled its £10.07bn ($14.56bn) bridge loan, instead opting to pay for the cash element of its $82bn acquisition of BG Group with cash on balance sheet.

Indian refiner Hindustan Petroleum Corp (HPCL), which in December picked five banks to supply a $465m 21 month refinancing, is set to open the transaction to retail lenders next week.

The recent new issues from Turk Eximbank and Kuveyt Turk are both trading well, leading to hopes that further bonds from the country may follow.

Two acquisition financings are due to hit general syndication after Chinese New Year. One is a loan for Baring Private Equity Asia’s acquisition of HCP Global, and the other is for Singha Asia, which is buying stakes in two companies from Vietnam’s Masan through the issue of new capital.

Citigroup could issue its first yen bonds in over two years this week, after mandating banks for a five year issue in global format.

In a secretive deal that has only come to light now, NBAD signed $1bn of tightly priced one year loans with five close relationship banks at the end of last year. The lenders were Bank of America Merrill Lynch, Crédit Agricole, Citigroup, HSBC and Bank of Tokyo-Mitsubishi UFJ.

Turk Eximbank took the emerging markets by surprise this week, jumping in early on Monday to print a $500m five year and reopen Turkey primary bonds this year.

Mubadala, the Abu Dhabi investment firm, has launched a $2bn loan refinancing and will likely aim for a tight margin despite a choppy Middle East loan market, according to bankers.