Banks

UBS and Citi trader Tom Hayes was jailed for 11 years for manipulating Libor. But while the trader argued that he was made a scapegoat for the financial crisis, perhaps the rate he rigged is a bigger victim.

A refinancing package of €1.23bn has lifted some pressure off Swiss aviation services company Swissport and driven Moody’s to change its ratings outlook on the company from negative to stable. Parent HNA has had a fire sale of assets to combat a cash crunch, and a new portability clause is likely a sign of its desire to exit from the Swiss firm.

The state of Israel returned to the yen market for the first time in 18 years this week to raise ¥15bn ($140m) of seven year debt. The private placement marks the state’s third visit to the capital markets in 2019 and its first non-euro trade of the year.

Synthomer, the Malaysian-backed UK producer of aqueous polymers, has finished its £204m rights issue after the deal won a high take-up among shareholders.

Porsche AG, maker of Porsche sports cars, closed a green Schuldschein this week, with pricing and allocation set for Friday. The final size is rumoured to be €1bn, with an order book far exceeding that.

Rentenbank and Inter-American Development Bank hit the market for small taps of existing dollar debt on Tuesday, though some investors’ attentions are focused on this week’s US Federal Reserve meeting.

The European Investment Bank (EIB) set a new record on Tuesday by bringing the largest ever socially responsible investment (SRI) bond in sterling by a public sector borrower — comfortably breaking the previous record set only last week by KfW.

Pfizer has agreed to spin off its off-patent drug business Upjohn and merge it with generic drug company Mylan, in an all-share deal that will still see $12bn of debt raised.

UniCredit is to launch two exchange-traded funds on indices that combine a factor strategy with environmental, social and governance considerations.

GEMS Education came to the market on Tuesday with a pair of seven year senior secured bonds. The issues form part of a larger debt package being raised to support private equity firm CVC Capital Partners purchase a minority stake in the Dubai-headquartered education provider.

Sino-Ocean Group Holding, a Chinese investment company that focuses on the property market, took advantage of the positive backdrop on Monday to seal a $600m bond.

LG Display has hit the market with a convertible bond of up to $700m, according to a term sheet seen by GlobalCapital Asia.