Banks

The World Bank won a strong response from sterling investors on Thursday, adding a second tranche to its deal midway through execution to get to a total deal size of £1bn.

Guarantor: Caisse de dépôt et placement du Québec

Guarantor: Federal Republic of Germany

Activity in the FIG sector in Swiss francs shifted from the international to the domestic market this week, with a little over Sfr850m ($857m) of new supply priced on Tuesday alone.

Barclays Capital was looking to issue an additional tier one bond denominated in sterling on Thursday. The deal came after Banque Fédérative du Crédit Mutuel issued a tier two instrument on Wednesday. Both took advantage of an upswing in market conditions for subordinated debt.

KfW returned to the market on Wednesday for its second five year euro benchmark of the year. The €5bn 0% July 2024 note was issued with the lowest yield the German agency has ever paid.

Magnitogorsk Iron & Steel Works (MMK) broke a 16 year bond market hiatus with a five year dollar benchmark on Wednesday, raising $500m without paying a new issue premium.

The US’s Occidental Petroleum has completed an $8.8bn loan and is raising a $13bn bridge to back its $57bn purchase of Anadarko Petroleum, with a bevy of lenders getting in on the action.

Société Générale’s planned round of redundancies, set to happen in the third quarter of the year, will focus on staff in its markets business. Around 30% of the 1,600 cuts are expected in that division.

Logistics provider ESR Cayman launched what will be the Hong Kong Stock Exchange’s biggest IPO of 2019 so far on Wednesday, seeking to raise up to HK$9.76bn ($1.24bn) as hopes of US rate cuts opened a clear window in otherwise trade war-weary markets. Gina Lee reports.

China East Education Holdings pulled off the largest education IPO in history this week, despite the mainland education sector suffering under state constraints. The company operates in a niche free of the heavy-handed regulator, which helped it draw a flood of interest to its HK$4.9bn ($625m) offering. Jonathan Breen reports.

China’s Hansoh Pharmaceutical Group has priced its HK$7.9bn ($1bn) Hong Kong Stock Exchange offering.