Banks

Metro Bank came back to the sterling market on Wednesday to make a second effort at selling non-preferred senior debt, raising the pricing on its offer by 200bp to 9.5%. Market participants suggested the transaction was already a ‘done deal’, but warned that the interest costs would weigh very heavily on the bank’s profit and loss statement.

Cathay Pacific cruised to a Hong Kong dollar deal at the end of September, just days after it began a roadshow for a new dollar transaction.

Youdao, an online education platform founded by Chinese technology giant NetEase, is planning an IPO of American Depository Shares (ADS), having filed a draft prospectus with the US regulator.

The Ministry of Finance of the Lao PDR is inviting banks to join a €135m five year loan that Credit Suisse pre-funded in June.

India’s PNB Housing Finance is breaking a five-year absence from the loan market, launching a new $75m deal into syndication.

Hong Kong-based small appliance maker JS Global Lifestyle Co has kicked off pre-deal investor education for its listing on the stock exchange, according to a source familiar with the matter.

Goldman Sachs has rejigged the senior leadership of its Asia ex-Japan mergers and acquisition team, according to internal memos seen by GlobalCapital Asia.

Oesterreichische Kontrollbank hit screens on Tuesday with its first ever sustainability bond, raising €500m with an eight year benchmark.

NRW.Bank was well subscribed for its inaugural Sonia-linked floating rate note on Tuesday, with the books closing just one hour after opening.

The European Investment Bank hit screens with a $1bn no-grow global 10 year Climate Awareness Bond on Tuesday. The issuer has not printed a 10 year dollar benchmark since May 2017.

After mandating banks last week to explore a three year benchmark €STR-linked floating rate note, the European Investment Bank is moving forward with the deal, with initial price thoughts released ahead of an expected launch on Wednesday — the day the rate starts being published by the European Central Bank. However, some market participants have questioned the extent of investor demand for euro FRNs with negative rates commonplace in the currency.

Demire, a German real estate company, issued €600m of unsecured senior notes on Monday, reducing its average financing costs by 90bp. Investors raised some concerns over the deteriorating German economy and big private equity sponsor Apollo but they lapped up the issue nonetheless.