Banks

PSP Capital, the debt issuance arm of Canada’s Public Sector Pension Investment Board, is planning a dollar benchmark — its first international bond ever.

Morgan Stanley and Goldman Sachs received a warm welcome in the euro market this week, as they turned to the currency amid what one banker described as a “US bank supply wave”.

There are plenty of reasons to be cheerful about first quarter bank results, but it’s too early to be excited.

Spac mania is taking off in Europe, with the largest European blank cheque company IPO so far successfully pricing this week, and more deals in the works.

The Singapore-incorporated global energy company Puma Energy has bounced back after a planned bond issuance last year failed to materialise, raising $590m in the loan market. Sources say the company’s change of management and reorganisation brought a “sense of relief”.

NatWest Group recorded a loss at its investment bank on Thursday, after climbing down from the dizzying heights of last year’s first quarter profits. The weaker numbers weighed on the performance of the group, but the bank still managed to breeze past market expectations.

The Development Bank of Kazakhstan on Thursday launched a dual tranche bond in dollars and Kazakh tenge. Investor interest in emerging market local currency debt has increased over the last year, as the hunt for yield grows.

Beijing Enterprises Holdings battled weakened sentiment around Chinese state-owned enterprises to sell a $700m dual tranche transaction on Wednesday. The company was able to price a successful deal, but only after overcoming recent fears about Chinese issuers. Morgan Davis reports.

PowerGrid Infrastructure Investment Trust kicked off India’s third InvIT IPO on Thursday, aiming to raise up to Rp77.3bn ($1.03bn) in proceeds.

Pandora, the Danish jewellery maker, has signed a €950m sustainability-linked loan and in the process become the latest company to repay, early, coronavirus pandemic crisis funding taken out last year.

Two triple-A rated supranational borrowers scored big in the Australasian bond markets on Wednesday with the Asian Infrastructure Investment Bank selling its first Kangaroo trade and the World Bank bringing the joint biggest ever SSA Kauri bond – equalling the record it set last year.

Origin Housing, a housing association with homes in and around London, has sold £125m of US private placements – one of the bigger deals from the sector.