Banks

The disparity between ratings and spread levels was highlighted in the euro high grade corporate bond market on Wednesday, after German conglomerate JAB Holdings opened books on a deal 40bp wide of lower rated Italian utility A2A, despite the same maturity and size.

KfW braved a volatile rates backdrop to reopen the primary dollar public sector bond market on Wednesday. Dexia Credit Local is looking to follow with a deal in the same currency and tenor on Thursday.

Hipgnosis Songs Fund, the £1.6bn music royalties investment company, has wrapped up its seventh equity raise since its London Stock Exchange IPO in July 2018.

A trio of green labelled debuts attracted “slim” demand on Wednesday, as the three senior deals had to compete with a flurry of other trades for a slice of the shrinking pre-summer investor pool.

DZ Hyp plans to issue a €750m no-grow Pfandbrief on Wednesday as Muenchener Hypothekenbank (MuHyp) marketed its inaugural sterling benchmark to UK investors amid a sharp fall in global yields.

Banco Santander is out in the Australian dollar market with its debut Kangaroo bond, and with constructive conditions on offer, further supply could follow.

Romania will sell a euro denominated bond on Wednesday, its second offering this year and its fourth of the last 12 months.

Enervie, a German energy supplier, has completed a €170m refinancing package, taking the unusual step of swapping a single syndicated facility for a collection of different funding sources.

France’s Action Logement Services (ALS) is preparing to issue its second ever bond, after making its debut in the capital markets in October 2019.

Alstom, the French rolling stock maker, has signed a €400m green guarantee facility, as this still highly niche part of the green finance market continues to grow.

The Islamic Republic of Pakistan returned to the bond market on Wednesday, raising $1bn in a triple part tap of its existing dollar bonds. Market participants say they are ‘impressed’ with the way reforms are headed in the South Asian country amid its International Monetary Fund programme.

Chinese biotechnology company Brii Biosciences has raised HK$2.48bn ($319.7m) from its Hong Kong IPO, after pricing the deal at the top of the marketed range.