Banks

Beijing Hongkun Weiye Real Estate Development Co sold a three non-put two year bond on Friday last week with one of the highest yields Asia has seen this year.

Hipgnosis Songs Fund Ltd, the London-listed fund that invests in music catalogues, has launched its £300m share sale to finance the acquisition of more music intellectual property rights.

Charles Scharf will take over as chief executive and president of Wells Fargo next month, ending a six month period when an interim boss was in charge. Scharf comes from Bank of New York Mellon.

Lloyds Bank Corporate Markets was marketing its first senior unsecured bond in euros on Friday, taking advantage of a quiet primary market. The issue gave investors a ‘healthy’ new issue premium, according to a FIG banker.

German car parts maker ZF Friedrichshafen has closed its Schuldschein on Friday, and is about to decide how big to make the deal. ZF's €2.2bn issue in November 2014 is the biggest deal the market has ever seen — but several sources believe this transaction may be bigger.

AllHome Corp, a home building and furnishing materials company, priced its Ps12.9bn ($248.8m) IPO this week, riding a wave of local and international demand for its high growth story.

Credit Suisse has hired three senior members of CLSA’s China Reality Research group to form a new research team for the mainland.

A number of dollar bond issuers in Asia have moved to reopen their existing notes and add more funds to their coffers ahead of a week-long holiday in China for National Day.

Singapore-listed Mapletree Commercial Trust is planning to raise S$874.8m ($632.9m) from the sale of new equity to part-fund a local acquisition.

Banco BPM and Abanca made use of favourable issuance conditions this week to beef up their capital buffers. The Italian lender priced the 10 year non-call five deal at a 4.25% coupon and the Spanish issuer priced its 10.5 year non-call 5.5 year bond at 4.625%.

Crédit Agricole, Banque Fédérative du Cedit Mutuel and Société Générale all took advantage this week of cheap funding offered by the sterling market when compared with the euro.

Generali was the talk of the FIG bond market this week as it became the first west European financial institution to issue a tier two capital note in green bond format. The insurer’s pioneering spirit reaped rewards, with the green element variously estimated to have shorn 5bp-10bp from its cost of funding. That could tempt other firms to issue subordinated green debt. David Freitas reports.