Banks
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SAIC Finance, the auto financing arm of Chinese state-owned SAIC Motor Corp, sold a rare green auto loan ABS this week. -
Two Chinese real estate companies sold sub-one year bonds on Thursday, raising $350m between them.
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Supply was light in the US corporate bond market this week, partly because the May non-farm payrolls report is due on Friday. Participants are braced for volatility after the US Federal Reserve announced on Wednesday it would start selling its holdings of corporate bonds, purchased as a stimulus measure at the height of the pandemic. It was left to Vodafone of the UK to reopen new issuance after the Memorial Day holiday.
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Financial institutions returned to the dollar in their droves after the memorial Day holiday, with 12 borrowers cramming more than $15bn of issuance into three days this week.
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The ESG capital markets were left reeling on Thursday after a group of banks provided a £1.1bn-equivalent sustainability-linked facility that does not have any key performance indicators included — on the agreement that the borrower will add them within 12 months. Mike Turner reports.
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Europe’s corporate bond market has seen an influx of ESG deals from highly polluting sectors, testing how much environmentally and socially conscious investors buy into firms' transition stories.
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A spate of UK borrowers have signed loans that use Sonia as the benchmark rate from day one this week, with the consistently tricky transition given some cheer after companies said that the process is fairly simple.
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Two SSA borrowers sold dollar paper on Thursday. Council of Europe Development Bank achieving the tightest spread to mid-swaps from a public sector borrower this year, breaking a record equalled earlier this week by Asian Development Bank. At the other end of the curve, Inter-American Development Bank made its debut at the 10 year maturity with a deal linked to the Secured Overnight Financing Rate (Sofr).
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The sterling market has started June in the same way it finished May: busy. But investors are clearly stating a preference for yield, with demand for tier twos far outstripping the interest in senior unsecured deals.
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Russian gold miner Nord Gold said on Thursday that it wants to launch an IPO on the London Stock Exchange, following a rally in the price of gold since March.
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Deutsche Bank has told staff in New York that they should prepare to be back in the office by Labor Day (September 6), as the firm works on plans to allow more remote working for some in the future.
