Banks

Demand for the Republic of Finland’s latest bond was high on Wednesday as it printed through the ECB deposit rate to sell “the most expensive syndication of all time”, according to a banker on the deal. The five year note came 29.9bp richer than Austria’s previous record holding deal, another five year note sold in June.

A private debt banker for Lloyds Securities in New York has left the bank, with one source suggesting he will start covering US private placements (US PP) for another arranger.

The Province of Quebec slipped into the sterling market on Wednesday to print a fresh £250m December 2024 bond.

SSA issuers were out in the dollar market with $7bn of new bonds on Wednesday, though the biggest of the deals highlighted how price sensitive investors were in a world where some yield curves have inverted.

BBVA was marketing an additional tier one bond on Wednesday, making use of the favourable conditions that other issuers have found for similar instruments in the dollar market, while BNP Paribas, Bank of Nova Scotia and Bawag kept euro investors busy.

Kommunalbanken brought its green bond framework to the Swedish krona market for the first time last week to place its seventh green note, its first since August 2018. The move into the currency follows a wider trend of major SSA issuers funding in niche currencies as raising debt in core markets becomes harder, according to bankers.

Investors in unsecured bank debt instruments are unlikely to put up much of a fight against the inevitable march into negative yielding new issuance.

BNP Paribas has shut down its offshore banking unit in the Philippines, according to the country’s central bank.

The first IPO on the Bombay Stock Exchange’s new startup board is fully covered. Indian software consulting company Alphalogic Techsys has raised Rp61.8m ($862,000) from the listing.

Louis Dreyfus Asia has boosted the size of its annual borrowing to $650m from $500m after receiving commitments from 31 lenders.

Natixis has relocated London-based Kwong-Wing Law to Hong Kong to be its infrastructure finance head for Asia Pacific.

Freeport Indonesia, a mining company that was acquired by Asahan Aluminium (Inalum) last year, is in talks with 10 banks for a $3bn term loan for its capital expenditure.