Banks

Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, while a tight Export Development Canada trade followed the next day.

The International Finance Corp (IFC) started its 2019/20 funding year on Tuesday with a pair of Swedish krona green bond taps in the private market.

Deutsche Bank’s strategic overhaul looks set to maintain the bank’s leading position in debt capital markets and leveraged finance. But it casts doubts over Deutsche’s ability to retain a top tier corporate finance franchise and could signal the slow death of its equity capital markets franchise, writes David Rothnie.

The Inter-American Development Bank ducked into the market with a $250m tap of its March 2022 floating rate notes on Thursday, printing the deal in line with guidance.

UBS’s decision to create a global team dedicated to private capital markets is symptomatic of a shift in how companies finance themselves and time their IPOs. With vast pools of private capital available, companies are going public later in their lifecycles, leading to stretched valuations and fewer listed companies. Aidan Gregory reports.

MTN bankers were “happy” to hear that the Asian Infrastructure Investment Bank is working on documentation for a Euro medium term note programme.

Germany’s ZF Friedrichshafen has signed a €7.3bn financing from banks to back the automotive technology company’s purchase of Swiss commercial vehicle tech company Wabco.

Commerzbank has decided to replace its retiring corporate clients head with Roland Boekhout, who works for ING — a bank that had been rumoured to be interested in buying the German firm.

India’s plan to sell foreign currency bonds for the first time has prompted eager speculation among debt bankers in Asia. While bankers disagree over when the deal will launch and exactly what fair value will be, many expect the deal to come with a razor-thin spread. Silas Brown reports.

The Korea Exchange has temporarily banned NH Investment & Securities (NHIS) and Korea Investment & Securities (KIS) from sponsoring growth-track IPOs in the country until November 2020, according to multiple sources close to the situation.

The Republic of Tunisia printed a tight €700m 6.375% 2026 bond on Wednesday from a book of nearly €2bn. A syndicate manager away from the deal said it was a good demonstration of the enthusiasm for emerging market credit.

FinecoBank was more than nine times subscribed for its first ever sale of an additional tier one instrument on Thursday, despite pricing the deal at a level that was lower than what might have been expected for a similar offering from UniCredit, its former parent.