Banks

Fundamenta Real Estate, the Swiss housing developer, has fixed the terms for its Sfr91.5m re-IPO on the SIX Swiss Exchange, which is expected to value the company at Sfr375m.

HSBC Canada opened books on Tuesday for its first covered bond and followed in the same three year maturity, and with the same starting spread, as DBS Bank's issue on Monday. But, after several hours, when the spread was fixed at the initial level, lead managers failed to update investors on the order book size, leading some to question how well the deal was going.

General Holding Corporation (Senaat), one of the United Arab Emirate’s largest industrial investment holding companies, is embarking on a roadshow. But syndicates away from the deal said the company looks to be entering the market at a tough time for EM bonds.

Spreads on Chinese property dollar bonds felt the impact of heavy supply on Monday when three companies, Times China Holdings, Greenland Holding Group and China Evergrande Group, brought new issues to the market.

German automaker Mercedes-Benz raised Rmb8bn ($1.15bn) from an auto loan ABS this week, slashing its funding cost just three months after its last foray into the market.

Société Générale has agreed to pay $1.34bn in fines and an enhanced monitoring programme for violating US sanctions against Cuba, Iran, Sudan, Libya, Myanmar and North Korea, according to notices issued by US agencies on Monday.

Agricultural Development Bank of China (ADBC) has dipped into the euro market for the first time to diversify its investor base, despite having no real need for the currency and having to pay up for the fundraising.

Investors flocked to the Export-Import Bank of Korea’s (Kexim) $1bn bond on Monday, viewing the policy bank as a defensive credit to park their cash in.

Nomura has poached a senior telecommunication, media and technology coverage banker from BNP Paribas.

Belarus is working to issue its first sovereign Panda bond, GlobalRMB understands.

A pair of socially responsible investment deals from public sector borrowers received mixed views on Monday from on-looking SSA bankers. Instituto de Crédito Oficial was able to tighten its spread by 3bp for its first syndication of 2018, while Bank Nederlandse Gemeenten returned for its second sustainability bond of the year.

Jefferies has appointed former Nomura and Citigroup trader Fred Jallot as head of fixed income Europe.