Westpac

Peking University Founder Group Company and Bank of Communications Financial Leasing Co used keepwell deeds for their dollar bond sales on Thursday, paying a bit of premium for the structure.

Wall Street’s biggest banks hit the dollar bond market with multi-billion offerings after reporting fourth quarter earnings this week, and supply-starved investors piled into the new deals.

Chinese issuers Peking University Founder Group, Bank of Communications Financial Leasing Co, Geely Automobile Holdings and Jinjiang International Holding are meeting investors this week ahead of planned dollar and euro bond sales.

India’s Yes Bank is extending a fundraising spree that began last year, and is back in the overseas loan market for the third time since August 2017.

Westpac attracted substantial demand for its five year sterling floating rate deal on Thursday, with considerable investor liquidity ensuring a particularly attractive cost of funding.

Westpac has mandated leads for the third sterling five year floating rate covered bond from a bank outside the UK to be issued this year.

Westpac Banking Corp raised Rmb500m ($77m) from a three year offshore renminbi bond on Monday, becoming the first dim sum note issuer of 2018.

Westpac Banking Corp is poised to sell the first offshore renminbi bond of the year, opening books for a three year trade on Monday.

LBBW, Santander UK and Westpac all enjoyed fair demand for seven year covered bonds issued this week, suggesting good scope for further issuance in this tenor.

Westpac and Santander UK returned to the euro covered bond market on Thursday. Though early book momentum was marginally stronger in the Australian deal, the oversubscription ratios for both deals was rather low. Meanwhile, Stadshypotek showed that there is still good scope for further sterling covered bond supply.

Zürcher Kantonalbank (ZKB), in accordance with recent tradition, was the first canton off the blocks, opening the Swiss market with a Sfr240m ($246m) 10 year bond on Wednesday. Basellandschaftliche Kantonalbank (BLKB) was quick to follow, printing a Sfr300m nine year bond an hour later. A lack of issuance at the tail end of 2017 has buoyed the market, leaving participants hopeful of additional cash to put to work in the new year.

Reliance Industries has allocated its $2.49bn multi-tranche fundraising among 31 banks, with plans to transfer in the new lenders before the end of the year, said bankers close to the trade.