Banks

Beijing Automotive Group (BAIC) has thrown open a €2.2bn-equivalent loan to support its acquisition of a minority stake in German automaker Daimler.

UK mining company Sirius Minerals has put its hopes of survival on getting a high yield bond away in September after it postponed a deal earlier this week. But investors are skeptical about the firm's chances. Sirius will run out of money by the end of September and its $3.8bn financing package will turn void on October 30.

Next, the Baa2/BBB (negative) UK retailer broke a dry spell for corporate investment grade issuance on Wednesday when it sold £50m of bonds retained from a new issue done in April.

Michael Reuther, head of Commerzbank’s corporate clients division, expects more firms to enter the bank’s "intensive care department" as economic pressures weigh on European corporates. And in his unit the cost of risk more than tripled in the second quarter, helping to shrink operating profits.

Schleswig-Holstein stretched its euro curve out by a decade on Wednesday, as market participants warn that the world of positive yielding German sub-sovereign debt is shrinking.

UBS Group skirted volatility in global financial markets to issue an 11 year non-call 10 year senior unsecured bond in dollars on Tuesday. The Swiss lender offered a small premium to investors, with a final spread of 140bp over US Treasuries.

A UK fertiliser mining project was thrown into jeopardy this week as the high yield market turned too spicy for some investors. But for those looking for something milder for their portfolios in the primary market, there was little to be found either with no investment grade supply until UK retailer Next appeared on Wednesday morning.

Snap, the US technology company behind Snapchat, has issued a $1.1bn convertible bond due in 2026, after the stock began to trade above its IPO price again following a strong set of first half results a fortnight ago

Former JP Morgan banker Andrew Truscott has been appointed as co-head of UK investment banking at Citi.

The bookrunning lead managers of Spandana Sphoorty Financial’s Indian IPO were seeking out all avenues of demand on Wednesday, with the deal barely a third covered by midday and set to close at the end of the trading day.

China Construction Bank had no trouble selling a Rmb9.87bn ($1.4bn) residential mortgage backed securities deal on Tuesday amid rising trade concerns, thanks to support from its underwriter group.

Brazilian protein producer JBS will continue its active liability management with the buy-back of $700m of bonds maturing in 2023 and 2024.