Banks

Credit Suisse has placed Sfr1.7bn ($1.9bn) of mandatory convertible bonds to repair its balance sheet, following steep trading losses caused by the bankruptcies of Archegos Capital and Greensill Capital. But some predict the bank may need to return for more equity down the line.

Citi has named Alex Schrantz as head of banking, capital markets and advisory (BCMA) for Hong Kong.

The new boss of UniCredit is widely expected to use his deal-making skills to transform the Italian lender, but will he look to revitalise its corporate and investment bank, asks David Rothnie.

The MTN market’s increasing focus on SSA issuance over the last year will ensure a steady flow of deals through the upcoming bank reporting season.

Danfoss, a Danish engineering firm, and UK bottling company Coca-Cola European Partners found the biggest demand at longer maturities in their multi-tranche bond issues on Wednesday, as inflation fears fade from Europe’s corporate debt market.

Luzerner Kantonalbank (LuKB) issued its first tier two bond in a decade this week, with the Sfr400m ($436m) deal expected to be index-eligible — a first for a Swiss franc callable tier two bond.

Coats, the UK industrial thread producer, has signed a $360m loan, adding environmental, social and governance metrics to its bank debt for the first time.

The IPO of PolyPeptide, the Swiss pharmaceutical ingredients company, was covered on the first morning of bookbuilding on Wednesday, according to sources close to the deal.

Chinese financial technology platform Futu Holdings has raised $1.24bn from a follow-on offering of its American depository shares (ADS). The issuer was able to navigate volatile markets thanks to support from a large global fund.

Kaisa Group Holdings paid a new issue concession of about 10bp for a $200m tap of one of its existing deals, appealing to investors amid recent pressure on Chinese bonds in the secondary market.

Goldman Sachs has picked a new co-head for its investment banking division in China, according to an internal memo.

Taiwan Semiconductor Manufacturing Company (TSMC) rolled out a triple-tranche dollar deal on Tuesday, raising $3.5bn just a few months after sealing a similar transaction.