Banks

Foreign investors maintained their strong bid for Gulf bonds this week, taking half the allocations for a $750m five year sukuk deal from Boubyan Bank.

Virgin Money is getting ready to launch its first sale of euro-denominated debt from its holding company, as the UK challenger bank looks to meet a 2022 deadline for the minimum requirements for own funds and eligible liabilities (MREL).

Wells Fargo has reorganised its group structure, including hiving out its corporate and investment bank as a separate business line and giving it a new leader.

The UK’s Gerald Group has signed its annual dollar revolving credit facility, with the metals trader growing the size of its banking group and increasing the size of its deal to $253.5m.

Canada’s DRI Capital is preparing to list a new fund on the London Stock Exchange focused on investing in pharmaceuticals royalties.

Agricultural Development Bank of China took Rmb1.5bn ($215m) from a tap of its outstanding dim sum bond on Tuesday. Thanks to little supply in the offshore renminbi bond market, the issuer pulled off a tightly priced deal, even finding support from price-sensitive hedge fund investors.

Singapore-listed Prime US Real Estate Investment Trust (Reit) is looking to raise at least $100m from the placement of new units to equity investors.

Yiwu State-owned Capital Operation Co raised $400m from a bond on Tuesday, showing that there is still interest in deals from Chinese local government financial vehicles (LGFVs) amid the outbreak of the novel coronavirus.

The European Investment Bank raised €3bn on Tuesday with a five year deal, receiving €14bn of orders for a deal capped at €3bn.

Two sterling public sector bond issues were announced on Tuesday, but aside from timing, the trades had little in common. The UK Debt Management Office printed £2.5bn at 50 years, while the International Finance Corp raised £350m with a seven year.

Luis Muscatt, formerly of NatWest Markets, has joined BMO Capital Markets as a covered bond and SSA trader.

The Kingdom of Norway hit screens on Tuesday with initial pricing thoughts on its yearly syndicated benchmark.