Banks

Glencore, the Swiss mining and commodities company, has returned to the equity-linked market with a $125m tap of its non-dilutive convertible bonds due in March 2025, placed overnight on Wednesday evening.

Christian Meissner, head of global corporate and investment banking at Bank of America Merrill Lynch and one of the architects of the firm’s post-crisis success, is leaving the firm to be replaced by Asia Pacific president Matthew Koder.

Additional tier one bonds looked to be back in fashion this week when BBVA found success for its fifth euro deal ahead of a busy redemption calendar, and HSBC came to the end of its huge 2018 funding run in the format by entering its home market for the first time.

KfW was able to achieve a well oversubscribed book and tight pricing for its 10 year euro benchmark on Thursday, despite a steep sell-off in the issuer’s secondary curve.

The deal drought in French equity capital markets may soon be over after Neoen, one of the largest renewable energy companies in Europe, filed to go public on Thursday.

The World Bank cleared $4bn in the dollar market on Thursday but with spreads very tight, SSA bankers are warning that there is still little margin for error in the currency.

BNP Paribas has added new blood to its Prime Solutions and Financing (PS&F) division with two hires in its New York office.

Ghana Cocoa Board (Cocobod) signed its $1.3bn trade finance facility of Thursday, as the company prepares to start funding purchases for the coming harvest.

Having said that it would raise $5bn-$7bn of additional tier one paper this year, HSBC was set to hit this target by selling its first ever issue in its home market on Thursday.

Fédération des Caisses Desjardins du Quebec (CCDJ) was able to take €1bn of funding out of the euro market on Thursday. Meanwhile, Royal Bank of Canada is expected to bring the first senior bond under Canada’s next bail-in regime next week.

South African chemicals and energy company Sasol has released initial price thoughts on a dual tranche dollar bond on Thursday morning in London.

Al Ahli Bank of Kuwait revived its AT1 on Wednesday, having postponed the deal following a roadshow in March this year. But a modest deal size priced in the middle of final guidance left bankers away from the deal saying appetite did not look overwhelmingly strong.