Banks

Italian banks have been piling into the primary bond market in the first quarter, capitalising on an incredible rally in the sector as investors look for new sources of value.

Chinese borrowers continued to find strong response for their dollar bonds on Wednesday, despite the Covid-19 virus outbreak plaguing the country.

Online gaming and education firm NetDragon Websoft Holdings and biotechnology company Innovent Biologics both tapped the equity market on Wednesday evening for funds.

AT&T, the US telecoms company, broke new ground in the European bond market on Wednesday by issuing a €2bn perpetual non-call five year preferred security.

World Bank mandated banks for a 10 year sterling deal on Wednesday — an extremely rare trade from a non-UK public sector borrower, but in line with the trend of issuers going out longer in the sterling curve.

Siemens, the German machinery group, paid an average yield of 0.12% for €4bn of debt spread over three to 12 year maturities this week, as investors leaped at the chance to snap up highly rated corporate debt.

Citi has given Fabio Lisanti an expanded job as head of Western Europe markets.

Italian shipping company Moby Lines has signed a standstill agreement until the end of the month with bondholders and requested that senior lenders also refrain from enforcement, as restructuring talks progress.

Nordic banks Länsförsäkringar Bank (LF Bank) and Landsbankinn were able to offer “attractive value” in the preferred senior market this week, amid a general hunt for yield among credit investors.

Piraeus Bank took advantage of the recent hunt for yield in the euro market this week, pricing a new tier two with a yield of 5.5% on Wednesday. The €500m bond was eight times subscribed, which is testament to the prevailing hunt for yield in the bond market.

UniCredit was greeted with more than €7bn of demand for a new additional tier one in the euro market on Wednesday, as the bank appeared to take its first steps towards including subordinated debt as part of its stack of Pillar 2 capital.

BNP Paribas launched a non-preferred senior bond at 73bp over mid-swaps this week, which included a small new issue concession to give room for a bit of secondary market performance for investors.