Banks

ING Bank and Commonwealth Bank of Australia sold 10 year strong covered bond deals on Monday, creating a "virtuous circle" that should encourage more issuers to enter the market, according to one lead manager. But another cautioned that demand for long dated bonds was "frothy".

Tritax Big Box Reit, the UK real estate investment trust focused on ‘Big Box’ warehouse assets, has completed its tenth capital increase since its IPO on the London Stock Exchange in December 2013.

Germany’s Railpool has signed green financing totalling more than €800m, as loans bankers say sustainability-linked facilities are becoming more popular with German borrowers after largely being ignored until now.

Southern European banks were given a lift at the beginning of the week, when they emerged from the European Central Bank’s annual supervisory review and evaluation process (SREP) with their capital requirements broadly unchanged.

Philipp von Danwitz, a 20 year veteran of Deutsche Bank, has moved to a new role sitting between wealth management and corporate finance, after being put at risk in 2018.

Cadent Gas has entered the US private placement (US PP) market via Bank of America Merrill Lynch and Lloyds, according to market participants.

Intermediate Capital Group (ICG) has launched a $150m US private placement, according to two US PP participants.

Mark Tucker, group chair of HSBC, will join TheCityUK later this year, replacing John McFarlane.

Sino Biopharmaceutical has turned to banks for a $700m refinancing loan. It is offering the same price as it paid for the original deal, a club loan sealed in 2016.

ICBC Standard Bank has hired Daniel Britz and Brendan Melvin to join its risk management department.

Chinese property issuers led the reopening of Asia’s offshore bond market following a week-long holiday in the Mainland to celebrate the Lunar New Year. Investors responded to the new deals with enthusiasm.

Pinduoduo, a Nasdaq-listed Chinese e-commerce company, has raised $1.38bn from a follow-on offering.