Banks

Citi’s institutional clients group registered a higher revenue in the EMEA region than it did in North America in the first quarter of the year, the first time this had happened in more than six years.

Shriram Transport Finance Co turned to US investors on Monday to help seal a $500m high yield bond, just weeks after selling a $400m Reg S trade.

South Korea’s Shinhan Bank sold Asia’s first dollar-denominated UN Sustainable Development Goals-linked bond on Monday, raising $400m from the Basel III-compliant tier two deal.

Three Chinese property companies raised a combined $1.625bn from international bond sales on Monday, continuing the flow of high yield paper into the offshore market.

Credit Suisse will increase its stake in Credit Suisse Founder Securities (CSFS), the firm it owns as a joint venture with Founder Securities, to 51%, making it the latest foreign bank to take a majority holding in its China JV.

UniCredit has settled with US authorities and agreed to pay about $1.3bn for breaking US sanctions, but the Italian bank said this amount was fully covered by provisions.

Latin America’s largest telecoms company, América Móvil, sold dollar bonds for the first time in seven years on Monday, returning to refinance debt and establish two benchmarks.

Biopharmaceutical company Hutchison China MediTech (Chi-Med) is planning a Hong Kong IPO of around $500m, having filed a draft prospectus with the city’s stock exchange on Monday.

Europcar has launched a €450m high yield bond to refinance its 2022s and likely cut coupon costs, as yields have come down for senior unsecured debt amid a dearth of bond supply.

Last week's brief quieter spell for investment grade corporate bond issuance in Europe continued this week, with little appearing on screens. What did appear, however, tantalised many investors. On Monday, Sika, the Swiss chemicals and building materials company, managed to slash its pricing while achieving plenty of oversubscription on its first ever bond issue in euros, as it financed its planned acquisition of Parex Group.

The sovereigns, supranational and agency market poured into dollars on Monday with two issuers announcing price thoughts for deals and a third potentially due on screens after investor meetings.

ABN Amro returned to the covered bond market on Monday to issue the largest 20 year transaction so far in 2019. Banks have increasingly found favour in placing deals with the ultra-long maturities, amid renewed speculation that the European Central Bank could restart asset purchases.