Banks

Investors jumped on the opportunity to buy euro bonds with a positive yield in the public sector market this week as KfW and Kommunalbanken sold 15 and 10 year bonds respectively, with the latter returning to the currency for a benchmark for the first time since 2017.

Asian Development Bank came tight to its curve as it printed its second euro green bond this week — and its largest — following its debut last year.

World Bank came tight with its first 10 year dollar benchmark since 2017 this week, but the demand underwhelmed in comparison to a recent spate of successful similar deals from other top tier public sector borrowers.

The Emirate of Sharjah shrugged of any concerns about broader volatility in emerging markets on Wednesday, to price a 10 year sukuk flat to its curve.

A year on from being appointed chief executive, David Solomon is calling for patience in remodelling Goldman Sachs around new growth avenues. But there is much to admire on his first anniversary, writes David Rothnie.

The Bel Group, the French cheese company behind brands Babybel and The Laughing Cow, has become the first company to issue Euro private placement (Euro PP) notes with sustainability-linked margins, following in the footsteps of the loan market, the Schuldschein market and subsequently the bond market.

Hipgnosis Songs Fund Ltd, the London-listed fund that invests in music catalogues, has concluded its share sale, which the company announced last month to finance the acquisition of new song rights.

E.On and Engie pushed ahead with tightly priced deals on Thursday, easing concerns from earlier in the week that ZF Freidrichshafen’s widely priced bonds would create a new level for issuance.

Kommunalbanken was almost twice covered for its 10 year euro trade on Thursday as it returned for its first benchmark in the currency since 2017.

Europe’s equity-linked bond market has been rocked this week, this time by fresh allegations of accounting fraud against Wirecard, the German payments processing company, less than a month after SoftBank issued a €900m exchangeable bond designed to derisk its investment in the company. Aidan Gregory reports.

Paolo Cicchine will join Deutsche Bank as vice-chairman of global healthcare coverage.

ING Poland has issued its first covered bond, a deal secured on green assets denominated in zloty. The issuer plans to return early next year with its first euro denominated green covered bond in benchmark size, said chief executive Boda Miroslaw,