Banks

Sydney Airport has become the first borrower to issue a sustainability-linked US private placement.

The European Bank for Reconstruction and Development took a huge order book for its Sonia-linked floating rate note on Wednesday, which introduced a new coupon calculation methodology for the sterling risk free rate. But market participants away from the deal said the demand did not reflect broad approval of the new format among investors.

The Islamic Development Bank hit the market for a five year dollar benchmark on Wednesday, raising $2bn at a spread of 40bp to mid-swaps.

The three founders of Transaction Capital, the South African financial services firm, have sold down R1.62bn ($108m) of stock via an accelerated bookbuild.

After a pause last week, the primary high yield bond market in euros has bounced back with two new mandates on Wednesday, unsecured deals for US firms Catalent and Silgan. Both deals are in popular industries and refinance existing debt, with leveraged finance bankers telling clients there’s no time to print like the present.

Relx Finance, the funding arm of UK specialist publisher Relx, has hired banks to arrange a roadshow for a triple tranche bond sale, with maturities out as far as 12 years.

US tourists are flocking to Europe's high grade corporate bond market this week with Reverse Yankee deals. General Motors Financial was the latest with a six year trade on Wednesday.

ING Groep postponed the sale of an additional tier one after clocking up $11bn of demand in the dollar market on Wednesday. At the same time, Arion Bank was looking to launch a $100m deal in the same format — the lowest volume on record in dollars.

Gazprom returned to the Eurobond market for the first time in a year on Tuesday, pulling in $4bn of orders at one stage in the pricing process, despite the US sanctioning a Rosneft subsidiary.

China’s Powerlong Real Estate Holdings is returning to the international loan market to refinance some of its debt, mandating one bank to lead the deal.

Citic, Yango Group Co and Kunming Industrial Development and Investment Co were the three Chinese issuers that tapped bond investors for new dollar deals on Tuesday.

Delhi International Airport (Dial) returned to the bond market with a tap of its 2029 notes on Tuesday, taking $150m from investors.