Banks

Joey Mak, a former loans banker at Mizuho, has joined Bank of Communications as section head of the structured finance department.

Chinese local government financing vehicle Hangzhou Shangcheng District Urban Construction & Comprehensive Development Co raised $200m from a three year bond on Thursday.

After the damning report into the Archegos Capital Management affair, Credit Suisse’s top management is likely to spend the rest of 2021 in a strategic huddle. Further upheaval at the investment bank is inevitable, but the business remains an essential part of the group’s future, writes David Rothnie.

Large European banks are tipped to bring their deal plans forward after they saw Barclays make the most of summer funding this week. The UK issuer proved firms will not have to wait until September to be confident of attracting big books at tight spreads.

There are worrying signs in the way Banca Monte dei Paschi di Siena’s tier twos have traded after UniCredit signalled its interest in the bank.

Volkswagen Financial Services, the financing arm of the German car maker, blew the cobwebs off the high grade corporate bond market on Thursday, as Becton, Dickinson and Co lines up a quadruple tranche trade for next week.

RBC Capital Markets has hired Citi's former head of structured credit sales EMEA, John Miles, to lead its recently established alternatives and private capital solutions (APCS) group.

City Electrical Factors, a UK electrical wholesale network, has agreed on a £150m five-year secured credit facility. Wells Fargo served as sole lender, as the bank looks to expand its loan book in Europe.

Moody’s has upgraded Deutsche Bank’s ratings and kept the firm on a positive outlook, after predicting it will be able to ‘substantially and sustainably improve its returns’ as a result of its restructuring plan.

The Northern Territory Treasury Corporation hit the market with a 31 year bond on Wednesday, extending its curve by nine years.

Deal arrangers think the dollar market will still be the "place to go" for European banks considering short-dated funding after summer, amid uncertainty over the outlook for US rates.

Mainland-based Xinte Energy Co raised HK$1.03bn ($132m) on Wednesday by selling a block of new H-shares, its debut equity issue.