Banks

The shifting sands of bank regulation make it unlikely that it will ever be worth thinking about additional tier one bonds as perpetual instruments.

Volkswagen Bank started its funding for 2019 with a hefty four tranche deal on Thursday that will contribute to its minimum requirement of own funds and eligible liabilities (MREL) when the German regulator decides what that should be.

Rabobank has issued the largest covered bond of the year, drawing the biggest and most granular order book for any covered bond in over five years in the process. The stellar reception illustrated the issuer’s broad reach and confirmed that the full gamut of covered bond buyers are now back.

Investa Commercial Property Fund (ICPF) has signed the first green loan from an Australian borrower, as sustainability-linked lending continues to gain global traction.

Finnair has signed a €175m revolving credit facility, as it expands its routes to fly to new Asian destinations.

Thames Water sold roughly £220m of US private placement notes this January.

The path from M&A rainmaker to CEO is a perilous one, as John Cryan and Andrea Orcel have proved. Will Christian Meissner be the next senior banker to try it, asks David Rothnie.

The Republic of Turkey has returned for a bond in euros after the $2bn note it sold earlier this month rocketed in value.

Ping An Real Estate seeks $300m — ICTSI tests appetite for €260m — Huifeng Petrochemical debuts with $200m

China Evergrande Group raised $3bn with a tap of three of its existing bonds, but the issuance put a dent in its secondary curve as noteholders fled to the juicier new deal.

South Korea’s KEB Hana Bank has locked up a dual-tranche sustainability bond at zero new issue premium, appealing to investors with its strong credit story and rarity value in the public dollar market.

Investors put their faith in Mongolia’s recovery story this week, helping Mongolian Mortgage Corp (MIK) raise $250m from a bond that showed appetite for frontier market risk. Addison Gong reports.