Westpac

National Australia Bank (NAB) was looking for execution certainty when heading to the dollar market to sell a pair of senior unsecured and covered bonds on Monday. But with credit conditions improving on Tuesday, Westpac shaved a few basis points off the cost of funding compared with its peer by opting for euros in covered and senior formats.

The Australian Prudential Regulation Authority has taken a very different approach from the rest of the world with its total loss-absorbing capacity (TLAC) rules, proposing that banks meet these new capital requirements with tier two rather than any new form of bail-inable senior debt.

State Bank of India has mandated seven banks for a $500m offshore borrowing, returning to the market just two months after closing its last facility.

India’s Yes Bank has closed a $400m borrowing, attracting four participants during syndication.

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.

CPI Ronghe Financial Leasing, a subsidiary of State Power Investment Corp, has made a quick return to the loan market for $300m, nine months after signing its last borrowing.

BOC Aviation, the aircraft leasing group under Bank of China, has launched a $500m five year borrowing into general syndication, with a group of ten banks at the helm.

Singaporean commodity company Louis Dreyfus Asia has boosted its three year revolver to $600m after attracting 20 participants during syndication.

Reliance Industries has made a quick return to the offshore loan market with a $2.7bn refinancing deal, having picked 17 banks to act as mandated lead arrangers and bookrunners.

French insurance companies have helped to drive a stronger bid for longer dated paper in the financial institutions bond market, allowing a rare spate of 10 year trades to surface in euros this week.