Banks

Korea Midland Power Co steered its $300m bond through tough market conditions on Monday, having little option but to offer investors a premium to ensure decent secondary performance of its notes.

US-listed hybrid electric vehicle maker Li Auto has hit the road for its Hong Kong secondary listing. The deal could raise around HK$13.1bn ($1.68bn) based on the last close of its US stock.

Sports teams could be among the Covid-battered industries looking to tap the capital markets later this year and next, bankers believe, as Italy’s elite Juventus Football Club prepares for a €400m rights issue to repair its finances.

Europe’s manufacturing sector faces a supply chain problem, with production struggling to cope with booming demand as economies reopen. Fixed income investors and analysts reckon this will likely be a temporary issue, and there is plenty of room for performance in bonds from the manufacturing sector.

The Republic of Rwanda hit the market on Monday morning with a 10 year dollar benchmark.

Lazard has hired a former Citigroup banker to run its equity capital markets advisory practice for Germany, Austria and Switzerland.

Credit Suisse is adding to its fintech coverage with the appointment of Orazio Tarda as global head of the sector in London. Tarda was previously global head of fintech at HSBC.

Credit investors are pleased with how banks performed in the EU stress test, though the sector lost more capital on average than it did in the previous exercise in 2018. The market was even sanguine about Banca Monte dei Paschi di Siena, which will be able to stick to its ‘fallback’ plan despite losing all its capital under the adverse scenario.

Barclays has proven the financial institutions bond market is still open for business in early August, after attracting strong demand on Monday for a large euro senior deal.

Eurizon, the asset management business owned by Intesa Sanpaolo, has hired Federica Calvetti from Deutsche Bank to lead its ESG and strategic activism team in Milan.

Bank of America has hired Uday Malhotra back from Goldman Sachs as head of leveraged finance origination in EMEA in London, while Eddie Martin, a managing director in the division, is relocating to the US.

Beijing Hyundai Auto Finance Co has kicked off its onshore auto loan ABS issuance for the second half of the year, returning with yet another revolving deal under the Autopia China series.