Banks

Fantasia Holdings, a property developer in China, priced a Rmb1bn ($149m) 1.5 year dim sum bond on Tuesday. But the issuer had to pay 11.875% to get the deal done.

A group of investors has published a letter urging HSBC to pull away from financing the coal industry, warning that these activities will leave the bank dangerously exposed to climate-related financial risks.

Coke-based chemicals company China Risun Group has raised HK$1.68bn ($214m) after sealing its Hong Kong IPO just off the bottom of price guidance.

Credit Suisse has appointed Julian Corner as head of advanced execution services for EMEA, effective immediately, according to an internal memo.

Mubadala Investment, an Abu Dhabi sovereign wealth fund, has raised MR1.04bn ($254.4m) after selling a number of its shares in RHB Bank, according to a source close to the deal.

Hong Kong-based online brokerage Futu Securities is on track to raise $160m after cutting the size of its IPO and signing up international investment fund General Atlantic for a private placement.

Vodafone brought to market on Tuesday its second mandatorily convertible bond that comes with language indicating Vodafone will buy the shares back — a second attempt to achieve the corporate financing holy grail of 100% equity credit without diluting shareholders.

Europe’s high yield bond investors have had little to buy this year, which ought to underpin a strong print for the euro bond tranche of Power Solutions, the financing package for Brookfield and CPDQ’s buyout of Johnson Controls’ battery unit.

Banks outside the top five in the league tables, especially those operating in emerging market bonds, often sing a song that would tug at the heart strings if set against a solo violin. They claim that the league tables for CEEMEA deals often do not represent the banks that do the bulk of business in each region because the huge jumbo deals that occasionally spring up skew the results wildly in favour of the big firms. But the numbers show that claim is utter nonsense.

L-Bank on Tuesday became the first SSA issuer to sell a Sofr-linked floating rate note with Reg S only documentation. The $500m no-grow deal had over $600m of orders, with $125m of those coming from the leads — which said any stock they were left with would be useful for providing paper to investors looking to test their Sofr systems in the coming weeks and months.

Following strong interest in Kauri bonds on the secondary market from Asian investors, the World Bank moved into a lagging primary market on Tuesday for a NZ$450m ($306m) increase of a January 2024 issue. Bankers feel that this could potentially jump start the quiet market.

Greece received a huge reception for its first 10 year benchmark in almost a decade on Tuesday, taking advantage of a double upgrade by Moody’s last Friday and strong market conditions.