Banks

Rabobank attracted good demand for a dual €2bn eight year and 20 year covered bond offering on Thursday, even though the deal was issued at the tail-end of a busy week and competed for investors’ attention in euros with Coventry Building Society and Všeobecná úverová banka (VUB).

Georgian TBC Bank printed its long-awaited $300m five year bond on Wednesday from a book of over $700m.

Commerzbank, Jyske Bank and UBI Banca all issued €500m senior non-preferred bonds with five year maturities on Thursday. But Jyske opted for a more flexible and efficient note, callable four years after its issuance date.

Ukraine has released initial price guidance for a euro deal that the country has been waiting to print since before Volodymyr Zelensky’s presidential victory in April.

Irish Residential Properties REIT (Ires Reit) has bumped up the size of its bank facility to €600m, as the residential rental accommodation investor moves ahead with an acquisition.

China General Nuclear Power Group has opted for a green loan for its first offshore syndication in almost 30 years. Despite tight pricing, the $500m fundraising is expected to receive a warm welcome from bank lenders who are eager to lend to a state-owned company with strong credentials, writes Pan Yue.

Lloyds Banking Group found room to tighten pricing by 50bp for a new additional tier one (AT1) this week, though investors are having to second guess what a new prime minister in the UK might mean for the country’s approach to Brexit. At the same time Barclays added to its recent activity in the subordinated bond market, opening books on a tier two on Thursday.

Electrocomponents, an industrial and electronics distributor headquartered in London, has entered the US private placement market to refinance existing notes, according to sources in the market.

China National Chemical Corp (ChemChina) surprised the market with a change in strategy for its latest bond offering this week. High profile as always, the state-owned company’s four-tranche transaction was smaller in size, but tighter in price. Addison Gong reports.

ESR Cayman, which builds and leases warehouses, has pulled its float on the Hong Kong Stock Exchange, delaying the deal indefinitely.

China’s Zhenro Properties Group wrapped up its first attempt at issuing perpetual bonds offshore this week, selling the note with a senior-to-perp differential that was tighter than some of its higher rated peers.

JP Morgan has made changes to its senior investment banking teams in Asia Pacific.