Banks

Export Development Canada and Erste Abwicklungsanstalt raised short term dollar debt on Wednesday as the market was buoyed by a dovish congressional testimony from the chair of the Federal Reserve.

The Federal State of Berlin chopped 2bp off the spread offered for its €500m 2039 bond during execution on Wednesday, as SSA investors remain hungry for long duration debt.

The London-based head of global loan syndication at Industrial & Commercial Bank of China has resigned, GlobalCapital understands.

The UK’s Hyde Housing Association has signed two bank facilities totaling £350m, with the sector again providing business for deal-starved lenders.

Dredging and Maritime Management, a Luxembourg-based company, is the latest borrower to have refinanced its bank debt with green financing, having agreed a €550m deal with lenders.

BNP Paribas launched a non-preferred senior bond in euros on Wednesday, tightening the pricing 20bp from price thoughts despite a 'softer' backdrop in financial markets.

Toronto-Dominion Bank (TD) returned to the covered bond market for the second time this week following its dollar benchmark and, thanks to a late rise in yields, the eight year deal offered more than twice the return of CIBC's eight year issued a week ago.

Europe's investment grade bond market has slowed from a sprint to a jog, and now to a walk. On Wednesday, Westlake Chemical Corp is the only issuer, taking the baton from the indefatigable Aroundtown, which had kept things going on Tuesday.

A new name hit screens on Tuesday announcing a roadshow. Air Baltic, an airline owned by the Latvian government, will meet with investors to promote a euro deal.

Prices on Deutsche Bank’s additional tier ones (AT1s) plummeted after the German lender announced a radical overhaul of its investment banking business this week, with bank capital investors still doubting the issuer’s ability to pay coupons on the instruments in the longer term.

The initial guidance for the Reg S/144A deal was put out at 6.875% area on Wednesday morning in London.

West China Cement, a Hong Kong-listed cement maker, has returned to the loan market after 11 years, seeking a $150m deal.