Bank of America

BP, the UK oil company, completed the biggest ever hybrid bond sale this week with a $12bn-equivalent debut issuance across multiple currencies, leading to rising expectations that other oil majors without hybrid debt will be entering the market too.

BP, the UK oil major, has announced its debut hybrid trade with a multi-tranche triple currency deal mandate. The borrower was looking to steady its credit ratings a day after warning that it was going to write-off up to $17.5bn of assets.

Hygeia Healthcare Holdings has kicked off the roadshow for its up to HK$2.22bn ($286.4m) IPO, joining Hong Kong’s increasingly hot listing market.

Kangji Medical Holdings kicked off bookbuilding for its Hong Kong listing on Monday, aiming to raise up to HK$3.12bn ($404m) in proceeds.

Transition bonds were the hot idea of 2019 in green finance circles, appearing to offer a way to expand themed bonds to a much wider range of issuers. But the product has struggled to gain momentum. This week’s deal from Snam, the Italian gas grid company, confirmed that it has an audience, among both issuers and investors.

Belle International pocketed HK$2.91bn ($375m) this week after trimming its stake in subsidiary, Topsports International Holdings.

Chinese e-commerce company JD.com is set to raise HK$30.1bn ($3.87bn) from its Hong Kong secondary listing, according to a source familiar with the matter.

Snam, the Italian gas network company, issued a €500m transition bond on Wednesday, which was three times oversubscribed and priced through its curve, suggesting that this controversial instrument is of interest to many investors.

Belle International is selling a block of shares in its sportswear subsidiary, Topsports International Holdings, according to a term sheet seen by GlobalCapital Asia.

Volkswagen, the German car company, has waited a long time before issuing any euro bonds from its industrial arm since the Covid-19 crisis began, but on Wednesday it broke its silence — and surprisingly, with a hybrid deal. VW has gone beyond refinancing an old hybrid and added ballast to its balance sheet, helping its ratings, which are on negative outlooks.

Northern Powergrid, the UK energy distribution company, brought the longest sterling deal of the year so far with a 42 year trade on Tuesday, as syndicate bankers say that European investors are keen to see more long duration trades.

Bohai Bank’s Hong Kong IPO application was being considered by the stock exchange’s listing committee on Tuesday, according to a source close to the deal.