Banks

French engineering company Vallourec has unveiled plans for a €300m rights issue to help return its balance sheet to a sustainable footing, following a recovery in the oil industry after the slump in demand caused by the Covid-19 pandemic.

A HK$2bn ($257.9m) loan to support a CVC Capital Partners-led consortium’s privatisation of Hong Kong fashion retail firm I.T has been launched into general syndication.

Philippine company SMC Global Power Holdings Corp returned to the dollar bond market for the first time this year on Wednesday, meeting strong-enough demand to boost the size of its deal and offer just a small premium.

Angelalign Technology, a Chinese dental care company, hit the market on Thursday with an IPO of up to HK$2.91bn ($375.3m).

South Korea's Shinhan Card has sold a $300m social bond in the Taiwanese market, finding strong interest from investors keen to support deals in this growing asset class.

E-House (China) Enterprise Holdings tapped its 7.6% 2023 bonds for an additional $100m on Wednesday, bringing the total deal size to $300m.

Nestlé, the Swiss food company, landed its largest ever euro bond on Wednesday, close to or through fair value. But investors showed a strong preference for the shortest tranche after EU inflation turned out higher than expected this week.

Citi has hired Chuck Adams from Goldman Sachs to oversee a newly formed investment banking unit combining the traditional healthcare sector with consumer and retail coverage.

The French Community of Belgium (LCFB) sold its first social bond under its new social finance framework on Wednesday.

The Council of Europe Development bank will come to market on Thursday for a $500m no-grow social inclusion bond maturing in June 2024.

Crédit Agricole was nearly five times subscribed for a tier two in the sterling market on Wednesday, as investors showed they were hungry for the extra spread on offer through subordinated products.

Danske Bank found a smooth ride in the non-preferred senior market on Wednesday, even as investors started to wonder about relative value in the asset class.