Sumitomo Mitsui Financial Group

Indian electricity utility firm Tata Power has mandated five banks to lead a $245m borrowing, ending a two year hiatus from the offshore loan market.

Nestle, Électrcité de France and BP have led a stampede to the dollar market ahead of an expected rate hike by the Federal Reserve next week, as credit markets shrugged off trade wars between the US and China.

French electricity grid operator Réseau de Transport d’Électricité this week took the record for the largest order book for a new 20 year corporate bond in style when it received €5.5bn of orders. The size of the demand was more than double the €2.3bn book, which had given the record to French tyre manufacturer Michelin three weeks before.

New York seemed set to avoid Hurricane Florence but US investors whipped up a storm of their own as they poured cash into a succession of big ticket deals from blue-chip domestic and Yankee names.

French building materials producer Saint Gobain received overwhelming demand for its second benchmark issuance of 2018. A combined order book of €7bn meant the issuer could have sold a much larger deal than the €1bn size limit it imposed on itself.

French electrical utility Engie found success with a benchmark dual tranche issue of corporate bonds on its third visit to the euro bond market in 2018. The company opted for no-grows with both tranches, which served to increase demand markedly compared with its previous deal.

Indonesian motorcycle financing firm Federal International Finance (FIF) has returned to the offshore loan market for a $200m borrowing.

Two Chinese companies, Grand Baoxin Auto Group and Xinyi Glass, are tapping the offshore loan market for new financings.

A top Chinese automaker and Hong Kong listed-Xinyi Glass Holdings are separately sounding out banks for new syndicated financings.

A pair of Chinese borrowers broke the lull in new loan syndications from north Asia this week, seeking a combined $450m from their latest fundraisings.

CPI Ronghe Financial Leasing is in the market for its second international loan after wrapping up a successful debut last November.

India’s Reliance Industries has launched its long-awaited refinancing of around $2.7bn into general syndication, one month after mandating 17 lead banks to run the transaction.