Banks

A reverse enquiry from an institutional investor drove Raiffeisen to reopen its Swiss franc additional tier one (AT1) note this week, which was bumped up even further by demand from retail buyers.

German energy storage companies populated the loan market this week, with battery maker Varta and solar cell company Meyer Burger raising €420m between them.

Heimstaden Bostad, the Swedish housing company, had a trickier time in the market with its hybrid capital issue on Thursday than Poste Italiane had a day earlier, suggesting that there is still some sectoral sensitivity among yield-hungry corporate bond buyers.

Banco Santander and Banque Fédérative du Crédit Mutuel found good demand for new green senior deals on Thursday, after they tested euro market conditions in the wake of a hawkish surprise from the US Federal Reserve.

Bank Julius Baer, the operating company of the private Swiss bank, took an unusual approach for its debut euro issue this week as it raised €500m of senior funding with the yield set at 0% from the outset.

Naturgy Energy, the Spanish gas and electricity utility, has doubled the size of its revolving credit facility in an amend and extend exercise, the latest demonstration that the balance of power in the loan market remains firmly on the side of the borrowers.

Philippine real estate investment trust MReit filed for IPO approval this week. It is targeting up to Ps27.3bn ($562.3m), which would make it the country’s largest Reit listing.

Sweden became the latest European sovereign to access the ultra-long end of the curve this week as it launched its first 50 year bond, opening up the long end of the krona curve for other highly rated names.

Emerging market investors took the US Federal Reserve’s indication on Wednesday that it would hike rates in 2023 in their stride, allowing Kenya to come to the bond market on Thursday.

South Korean video game developer Krafton has set in motion an IPO of nearly $5bn, set to be the country’s largest ever listing — and the first of many chunky deals expected in the second half of the year. Jonathan Breen reports.

China’s Full Truck Alliance, an Uber-like service for trucks, launched an IPO on the New York Stock Exchange this week. It is aiming to raise up to $1.56bn.

Wipro, an Indian information technology business with global reach, sold its first dollar bond this week. The $750m trade catered to international investors already familiar with the company and its credentials.