Banks

Belfius cancelled a consent solicitation for one of its tier two bonds this week after the Single Resolution Board took the market by surprise and broadened the scope of its grandfathering period for ‘Brexit bonds’.

E.On, the German electricity company, became the second corporate issuer in as many days to issue green bonds in line with the draft EU Taxonomy. It matched Verbund by printing them flat to fair value.

BPER Banca and UBS ventured out into the euro market on Thursday. After a quiet few days, issuance is ramping up as rates volatility subsides, with bankers expecting a light shower of deals ahead of Easter.

Société Générale benefitted from calmer issuance conditions on Thursday as it sold €1bn of new tier two debt. The deal takes another chunk out of the issuer’s capital plans, which totalled a sizeable €4.5bn at the beginning of the year.

Nigerian oil and gas exploration and production company Seplat Petroleum entered the international bond markets on Thursday seeking to raise dollar funding. As primary issuance re-starts in the CEEMEA region, Seplat is one of a few high yielding names testing the temperature.

Thomas Gottstein, CEO of Credit Suisse, has called the Greensill crisis ‘an asset management problem’. But it will have far-reaching consequences and raises questions over the integrated model that it and other banks deploy, writes David Rothnie

The New Development Bank sold a Rmb5bn ($767m) Panda bond aligned to the United Nations’ Sustainable Development Goals this week. The deal, expected to help mitigate the impact of Covid-19 on the Chinese economy, was priced flat to China Development Bank’s yield curve, and saw solid demand from international investors. Addison Gong reports.

Tricor Holdings, owned by investment firm Permira, has brought a rare dividend recapitalisation deal to Asia’s loan market. Pan Yue reports.

Avic International Leasing Co landed a $500m bond well inside of fair value on Wednesday, thanks to strong support from its syndicate banks.

GoHo Asset Management Co returned to the debt market for a $100m bond on Wednesday.

Natixis makes senior changes to CIB, coverage teams — BofA rejigs Korea leadership

Verbund, the Austrian electricity company, became the first European issuer to sell a green sustainability-linked bond on Wednesday. The highly rated issuer printed 20 year debt at a razor-thin spread.