Banks

The Province of Ontario hit screens on Tuesday afternoon with initial price thoughts for a C$750m no-grow tap of the February 2025 bonds.

Africa Finance Corporation (AFC) increased its Swiss franc debt stack on Tuesday, pricing a Sfr200m ($202m) four-year bond that was double the size of its last outing in the market.

Credito Valtellinese (Creval) found strong demand for a €300m preferred senior bond on Tuesday, allowing it to push the pricing through its guidance range.

The Republic of Angola sought a dual tranche trade on Tuesday, marketing 10 and 30 year bonds to investors that will likely have mixed views on the sovereign.

Legal & General Group (L&G) was four times subscribed for a £600m tier two in the sterling market this week, as it looked to strengthen its capital position.

Ford Motor Credit Company mandated banks on Tuesday to lead a new Australian dollar deal, its first since 2016.

Financial institutions are rushing to sell new deals in the euro market, fearful that the window for issuance will close after Thanksgiving in the US next week.

Austria has the green light from Chinese regulators for its inaugural Panda bond issue as it looks to become the second eurozone sovereign to tap the market.

Saxo Bank gave investors a chance to pick up one of the highest yields on offer in the additional tier one (AT1) market in euros this week, albeit in a very small sub-benchmark size.

Ageas is offering to purchase FRESH securities — a series of legacy capital instruments — from its investors, in a bid to improve its capital structure. The Belgian insurance company intends to replace the notes with a new restricted tier one bond in euros.

Shaanxi Xixian New Area Fengxi New City Development and Construction (Group) Co, a lower-tier Chinese local government financing vehicle (LGFV), has raised $120m in the bond market ahead of a December maturity.

Insurance company FWD Group’s $1.8bn acquisition loan is set to close by the end of November, with two more banks still expected to join the syndicate group.