Banks

Sinopharm Holding (China) Finance Leasing is tapping the offshore loan market for a $200m borrowing.

Chinese e-sport streaming platform DouYu is waiting for more stable market conditions before commencing pre-marketing for its $500m IPO of American Depository Shares (ADS).

Just one Latin American issuer has announced bond issuance plans as another day of market volatility had bankers pondering whether the favourable conditions that have prevailed almost uninterrupted since mid-January might be in danger.

The Co-operative Group, the UK food retailer, undertaker, insurer and legal services provider, has announced a £250m sustainable bond issue which will be unusual in three ways. Green and sustainable bonds are rare in the UK and rare in the high yield market, while the use of proceeds Co-op is planning is close to unique.

After a couple of slow weeks for corporate bond issuance in Europe, the pace quickened somewhat on Tuesday, with two €500m no-grow issues. One was from a familiar name - Carrefour, the French supermarket chain - the other from a new one, Samhällsbyggnadsbolaget i Norden, a Swedish residential property company founded only in 2016.

Three new high yield issues were launched into marketing in Europe on Tuesday, including a pay-if-you-can bond, even though the market was a bit weaker after President Donald Trump’s sabre-rattling about raising trade tariffs on China.

The formal separation of FinecoBank, the Italian online brokerage, from UniCredit has begun with Italy’s biggest bank selling almost half stake to institutional investors via an equity block trade – a strategy UniCredit has used numerous times in the past to shed non-core assets under its CEO Jean-Pierre Mustier.

Ireland appointed banks on Tuesday for its second syndicated bond of the year, which will extend its euro benchmark curve to 2050 (31 years).

The European Investment Bank is out with initial price thoughts on a $3bn 2024 bond, offering investors a premium to its bigger five year deal in January.

The City of Hanover is returning to the Schuldschein market with a dual tranche, long dated deal, around a year after it became the first city to issue a green Schuldschein.

The UK Debt Management Office has chosen the tenor for the first syndication of its 2019/20 financial year, which is expected to come in the week commencing May 13.

The European Stability Mechanism offered very little new issue premium on a pair of taps to wipe out its €2.5bn funding needs for the second quarter in one go.