Banks

Asia’s sustainability market took a big step forward this week when Kookmin Bank priced a Basel III-compliant tier two bond with a sustainability label — the first of its kind in the region. Morgan Davis reports.

Chinese electric car company Nio made a splash in the US convertible bond market this week, raising $650m from its debut issuance and using a call spread feature to engineer a tasty premium. Jonathan Breen reports.

Macau casino operator Studio City Finance has priced a $600m deal to fund a tender offer, winning plaudits for its precise pricing. But while the company could return to the bond market again this year, overall supply from the sector is expected to be subdued.

Power Grid Corporation of India has broken a seven-year absence from the international loan market to target Japanese liquidity for a ¥22bn ($201m) Samurai deal.

The European Investment Bank showed there was ample appetite for sterling SSA paper on Wednesday, despite Tuesday’s vote in the UK Parliament that left more uncertainty over the eventual outcome of Brexit.

L-Bank’s first dollar benchmark of the year was in keeping with a trend in the currency so far this year for oversubscribed deals with low concessions, as leads calculated a 1bp new issue premium for the deal.

Nederlandse Waterschapsbank was over three times covered for a 10 year affordable housing bond on Wednesday, allowing it to tighten multiple times during pricing to leave no concession, according to on-looking bankers. Meanwhile, the State of North Rhine-Westphalia has appointed banks to arrange a roadshow in Europe and Asia for a long dated euro sustainability bond.

The day after the UK government mandated Teresa May to go to Brussels and renegotiate the country’s exit agreement with the European Union, the UK electricity transmission company National Grid tested investors’ appetites for UK assets and found a host of willing buyers without having to offer much of a premium.

Miles Millard, formerly head of capital markets and treasury solutions at Deutsche Bank, has re-emerged at executive search firm JD Haspel.

Dubai Investments Park Development Company has postponed its planned dollar five year sukuk.

Additional tier ones issued by Banco Santander plunged in value on Wednesday, after the Spanish financial institution reiterated that it would only redeem capital securities at their first call dates if it was cost efficient to do so.

Stéphane Morin will step up from his current job as global head of compliance at Natixis in order to become deputy CEO for the Americas corporate and investment banking division. And he will report to Olivier Delay, announced as the new CEO of that department earlier this year.