Banks
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The ABS frenzy in China’s domestic market continued unabated this week, with three more originators launching their transactions. This included BYD Auto Finance Co, which made its internationally rated debut. -
Sustainable bond issuance from central and eastern Europe is set to rise as issuers face growing pressure from investors to show they are embarking on the transition to a lower carbon economy, even if governments in the region are still dragging their feet, writes Jon Hay.
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A trio of firms slipped into the market to place senior paper this week, and with spreads threatening to creep wider, bankers were keen to see lenders make use of the windows available.
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Europe’s high grade corporate bond issuers had a tough week in the primary market after inflation fears sent investors fleeing risk.
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Muenchener Hypothekenbank (MunHyp) harnessed the growing demand for environmental, social and corporate governance (ESG) paper in the Swiss market to land a tap 7bp through the bid side this week. Elsewhere, Toyota ended a 12 year absence from the Swiss franc market to sell the currency’s first automobile deal of the year.
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SMBC Nikko has hired a former Barclays debt capital markets banker, as it continues its buildout of capital markets client coverage in Europe.
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Ryanair, the Irish budget airline, landed a far more solid bond issue this week than shopping centre operator Unibail-Rodamco-Westfield (URW) had a day earlier, in an early indication of what the bond market might look like as the worst-hit sectors recover from the coronavirus pandemic.
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The World Bank failed to impress as it sold a five year dollar benchmark this week, with the issuer and leads attributing the lack of appetite to the tight reoffer leveland the unusual maturity.
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