Banks

One of the world’s largest companies made its debut in the yen bond market last week, as Berkshire Hathaway placed ¥430bn ($4bn) of multi-tranche debt. With the Japanese government yield curve offering sub-zero returns for anything under 15 years, the six tranche deal offered investors a chance to earn a yield pick-up, according to bankers away from the deal.

Swedish credit management company Intrum and UK-based gambling giant International Game Technology dipped into the favourable markets again with big €750m and €500m issues .

Radius is set to become the first housing association from Northern Ireland to issue US private placements, with Barclays prepping a deal of at least £100m.

Pinewood Studios has launched a new £500m six year non-call two bond offering to fund a dividend, after signing a deal with Disney to lease the studio’s space for the next decade, securing the firm’s income. Seen as a corporate issuer, Pinewood’s leverage looks sky-high, but the bond documentation attempts to rebrand it as a real estate company.

KfW mandated banks for its longest ever dollar green bond on Monday, while the Inter-American Development Bank is taking indications of interest for its inaugural Sofr-linked floating rate note.

LBBW issued a well subscribed €650m nine year public sector loan-backed Pfandbrief on Monday at a relatively tight new issue concession compared with many recent negative yielding covered bonds.

Commerzbank attracted only €700m of demand for a €500m non-preferred senior bond this week, with a lead manager suggesting the deal showed the ‘state of the market’ as it welcomes an influx of tightly priced supply.

Two of the smaller airports in England are looking to raise US private placements, according to sources in the market, as players note that airports and port operators in Australia and Europe have carved out a particularly strong section of the market in the past 12 months.

Severstal, a Russian steel manufacturer, hit screens on Monday morning with a five year dollar benchmark.

De Volksbank was three times subscribed for its debut green bond this week, despite not offering much in the way of yield or new issue premium to its investors.

The Asian Development Bank (ADB) hit screens on Monday morning with initial price thoughts for a new 10 year green Kangaroo bond. The trade follows a busy week for SSA Kangaroo issuance at the long end of the curve, driven by Japanese demand according to one banker.

Topsports International Holdings has kicked off pre-marketing for its Hong Kong SAR listing, which is expected to raise around $1bn, according to sources close to the deal.