Banks

Bank of America sold a floating rate note over the Bloomberg short-term bank yield index rather than Sofr this week, as Morgan Stanley added to the post earnings rush in dollars.

Malaysian oil company Petroliam Nasional (Petronas) raised $3bn from a dual tranche bond, just a day after the country’s sovereign made its dollar return.

Top Glove Corp, the world’s largest manufacturer of rubber gloves, has revised its planned Hong Kong listing down to a size of HK$6.9bn ($889m).

BOC Aviation has sold a $750m bond through its US subsidiary, pricing its third dollar outing of the year at wider levels than some fair value estimates from analysts.

Indonesian property developer Pakuwon Jati returned to the offshore debt market this week after a four year hiatus, selling investors a $300m seven year bond.

Dalian Wanda Commercial Management Group Co sold a sub-one year bond on Thursday, raising $325m.

Philippines-based renewable power producer AC Energy Corp is drumming up demand for an up to Ps15.7bn ($323.7m) follow-on offering, scheduled for next week.

Corporate bond issues came at a healthy clip in the US market this week, despite earnings blackouts, as investors showed a preference for highly rated paper.

When António Horta-Osório takes over as chairman of Credit Suisse on May 1, he will be fighting fires on all fronts. While the bank has a relatively strong capital position, boosted by a $2bn fundraising announced on Thursday, shareholders are demanding answers over strategy and controls. Perhaps more ominously, the Swiss regulator Finma has instigated enforcement proceedings, writes David Rothnie.

Revenues at Credit Suisse’s investment bank are up 80% year-on-year amid a boom in capital markets business, but the fallout from the firm’s dealings with Archegos Capital and Greensill Capital meant that the group reported a net loss of Sfr252m (€476m).

The Province of Ontario ended an absence of almost four years from the Swiss franc market this week to land a 12 year note at fair value. Elsewhere, Valiant Bank and Pfandbriefbank kept the domestic market ticking over with a handful of covered deals.

Bank of Cyprus and Nykredit, at opposite ends of the FIG ratings spectrum, issued tier two bonds over the last week and both found strong demand from investors for the extra spread the product offers over senior debt. But with bank capital ratios rising, there seems little appetite among other issuers to follow.