Banks

Tylor Hartwell is starting at National Australia Bank, after leaving Sumitomo Mitsui Banking Corporation earlier this year.

The People’s Bank of China (PBoC) made good on its promise to swap perpetual bonds for government bills on Wednesday, kicking off a Rmb1.5bn ($222m) swap that forced the central bank to start issuing bills again after a long hiatus.

China property names continued their bombardment of the dollar market on Tuesday, as four more bond issuers raised a combined total of $2bn.

Morgan Stanley has named Magnus Andersson as the co-head of ECM for Asia Pacific. His predecessor, Mille Cheng, has become vice chairman of Asia Pacific global capital markets.

The UK banking sector has more links to China than the equivalent sectors in the US, Japan, the euro area and South Korea do combined. Analysts are warning that China's growth is slowing, and HSBC’s poor results have been linked to this. But those espousing that view are overstating the connection.

Cyprus printed a first 15 year benchmark on Tuesday, pushing out its curve and receiving orders of over €8bn. Despite the strong demand, the borrower elected to keep the size of the deal to €1bn, despite leads announcing on Tuesday morning that the size would be up to €1.5bn.

An SSA borrower smashed another set of records with a long dated bond on Tuesday. France’s hotly anticipated 30 year syndication did not disappoint, raising €7bn with its lowest yield ever at the maturity.

KfW returned to the euro market with a one day tap, joining France and Cyprus in the market and extending the its stellar run of new issues in euros.

HSBC’s global banking and markets business increased its use of reserve repo and customer deposits for funding in 2018. But it endured a tough fourth quarter, with inflows from credit in its fixed income, currency and commodities (FICC) division sinking by 49.7%.

Parliamentary approval of Estonian covered bond legislation opens the way for Luminor Bank to make the first steps towards establishing a pan-Baltic covered bond market, according to the bank’s head of treasury, Max Ehrengren.

The European Banking Authority has gone to the private sector for its next appointment as chair.

Germany’s ElringKlinger has signed a €350m loan. The automotive supply company has swapped bilateral lines for syndicated lending as it looks to shore up its capital structure amid widespread upheaval in Europe’s vehicle industry.