Banks

Having proved its strategy is working, Deutsche Bank is now looking ahead to a new phase of expansion in its capital markets and underwriting businesses, writes David Rothnie.

Europe’s high grade corporate bond investors showed for the second day in a row on Wednesday how hungry they are for spread. Low triple-B rated credits Aker BP and Holding d’Infrastructures de Transport both increased their bond issues after bumper demand.

Greece sold the first and only public sector benchmark deal of the week on Wednesday. However, issuers are preparing to return in force in euros and dollars next week, according to bankers.

CDP Financial, one of Canada's largest public pension asset managers, has mandated banks to arrange calls with investors for its first green bond.

Bombardier has exited Alstom, the French maker of rolling stock, having sold the last of its shares through a €506m accelerated bookbuild on Tuesday night.

Barclays paid a visit to the euro market to sell its first public senior deal in over a year on Wednesday morning, offering investors a rare chance to pick up exposure to its debt in floating and fixed rate formats.

Westpac is set to sell its first green tier two deal later this week, becoming the latest financial name to tap growing demand for labelled subordinated debt.

Deutsche Bank launched its first euro additional tier one (AT1) in about seven years this week, taking advantage of an impressive first quarter performance to raise €1.25bn of capital from €6bn of demand.

DNB Boligkreditt issued a €1bn seven year covered bond at flat to fair value with strong demand on Wednesday, providing encouragement for Sparebank 1 Boligkreddit (Spabol) which mandated leads for a follow-on 10 year Norwegian covered bond.

Swedbank is trailing a data-driven approach to sustainable loan origination that uses technology to automatically generate sustainable lending opportunities.

BNP Paribas announced strong quarterly earnings last week, bolstered, like many banks, by activity in equities. But some analysts were more interested in the French firm’s acquisition of Deutsche Bank’s prime brokerage unit, in the wake of the Archegos Capital affair.

Tiangong International’s share price slid after the Chinese steel production company priced a HK$844m ($108.6m) share placement near the bottom of the marketed range.