Banks

The European Investment Bank (EIB) braved “horrendous” market conditions in order to print the first Sofr trade linked to the Federal Reserve’s index.

Citi has reshuffled positions in its Europe, Middle East and Africa business, including forming a new position for crisis and climate risk and naming a new head for European businesses.

Syngenta, the Swiss agrichemicals company, on Tuesday sold its first Swiss franc bond since being acquired by China National Chemical Corp (ChemChina) in 2017. But other mandated deals hang in the balance as the Covid-19 coronavirus spreads across Europe.

China Three Gorges Corp, the Chinese state-owned power company, has successfully offloaded €292m of stock in Portuguese energy firm Energias de Portugal, despite four straight days of heavy losses in European equity markets, due to the spread of the Covid-19 coronavirus across the continent.

Unédic was almost three times covered for a 10 year bond on Thursday, with the leads pointing to the relative value of the trade and the quality of name as the factors behind its success against a difficult market backdrop.

Sergio Ermotti’s call for improvement in UBS’s investment bank could be undermined by the arrival of his successor as chief executive, writes David Rothnie.

Hamburg Commercial Bank will no longer visit Milan on the roadshow for its new tier two bond, with parts of northern Italy having been locked down to contain the spread of Covid-19. But issuers and investors are still managing to get on with their business amid the mounting chaos.

Denmark's Maersk has signed a $5bn sustainability-linked revolving credit facility, as Moody's warns that the shipping company is at particular risk in its sector from fallout of the Covid-19 coronavirus

HSBC and Standard Chartered are expecting lower profits and higher loan impairments this year due to the Covid-19 coronavirus outbreak and an economic downturn in Hong Kong.

The Republic of Belarus will roadshow a dollar and euro dual trancher next week, but made it clear in the mandate announcement that there may be a wait before the bond is printed.

Chinese brokerage Shenwan Hongyuan Securities is out for a one-year bridge loan, seeking HK$3bn ($385m) for its international loan market debut.

Perpetual tenors were in favour this week as four borrowers from Greater China sealed perps in a yield-hungry environment.