Banks

Bitcoin mining hardware maker Canaan has ditched a listing in Hong Kong SAR in favour of the US, filing for an up to $400m IPO of American Depository Shares (ADS) on Nasdaq.

BNP Paribas has named Karine Delvallée as its new head of territory for Australia and New Zealand and general manager of the bank’s Australia branch.

French car parts supplier Faurecia dipped into the bond markets again as it prepares to take over full control of its joint venture with Continental. It is adding €250m of senior notes to the €500m of 2026 notes it issued in the spring.

Australia’s Vicinity Centres, a real estate investment trust, issued a €500m bond on Monday, slipping into what is expected to be a week of weak activity before the high grade bond markets light up again next month.

Sovereign Housing Association, which has 58,000 homes, mainly in the southwest of England, received chunky demand for a 29 year sterling bond issue on Monday, as the extension of the UK's Brexit deadline piqued investors' appetite for sterling assets.

Verizon Communications, the US telecoms group, is preparing to return to the Kangaroo bond market with a multi-tranche deal, offering maturities up to 20 years — far longer than its longest outstanding 10 year tranche.

Infrequent issuer Toyota Industries Finance International revisited the MTN market at the end of last week to place its second euro floater of the year. Meanwhile, in dollars, a trio of emerging market banks have printed fixed and floating rate paper in the last week.

The European Bank for Reconstruction and Development has printed a pair of tightly priced currency linked notes, showing that investors are accepting lower yields in return for exposure to potential currency appreciation.

KfW was the only public sector borrower in the primary market on Monday, raising $1bn with a March 2021 intra-day trade which was priced with the same coupon as the World Bank’s 10 year dollar deal earlier this month.

Germany’s E.On has signed a sustainability-linked syndicated loan, in a deal that moves towards unifying the capital structure of the electricity company after its €20.42bn Innogy acquisition.

LBBW had enough support from investors to price a new additional tier one (AT1) with hardly any new issue premium on Monday, having been pushed into entering the asset class for the first time as a result of recent changes to the rules on bank capital in Europe.

Berlin Hyp on Monday launched its first preferred senior bond in green format. The German issuer chose a 10 year maturity and quickly attracted orders, supported by an investor community that follows the bank’s frequent green issuance.