Banks

Cyprus is packing its bags for a month-long set of investor meetings in the US and Europe as it looks to plan its funding programme for next year.

State-owned hydropower company China Three Gorges Corp made a rare visit to the dollar bond market, extending its maturity profile to 30 years.

Health and Happiness International Holdings and Shui On Land have both made swift returns to the loan market for tightly priced deals.

Bank of China broke new ground for Asia this week with the region’s first floating rate bond linked to the secured overnight financing rate (Sofr). But a host of challenges around payment calculations and liquidity mean other issuers will be slower to embrace this new benchmark. Addison Gong reports.

Investors flocked to Thai Oil Public Co's 30 year bond this week, seizing the opportunity to get yield from a long-dated note.

Jean Pierre Mustier, chief executive of UniCredit, said on Thursday that European banks were being put at a disadvantage by minimum requirements for own funds and eligible liabilities (MREL), as it overburdens subsidiaries of cross-border banking groups.

Marco Patuano is joining Nomura to advise its European investment banking operations. The bank believes he will help source clients in Italy.

Chinese property company Ronshine China Holdings brought its 2022 notes to the market again on Wednesday, tapping the 8.75% bonds for a second time and adding $265m to its coffers.

Japanese Sumitomo Mitsui Financial Group (SMFG), the holding company for SMBC, returned to Australian dollars on Wednesday after two years away from the currency.

India's Tata Capital Financial Services has made a quick loan comeback, seeking a $135m-equivalent dual-currency deal.

Two supranationals are on screens for ESG firsts. The European Bank for Reconstruction and Development (EBRD) has announced its first green transition bond, while the Asian Development Bank (ADB) is preparing its first foray into the green bond market in sterling, capitalising on strong appetite from UK pension funds.

Italy delighted investors with its first dollar bond in almost a decade on Wednesday, as it raised $7bn across three tranches. However, bankers away from the deal said the sovereign paid up over its domestic cost of funding — something it had originally planned to avoid.