Banks

Two Chinese companies sold dollar bonds on Wednesday as the rest of the market hit pause to await the outcome of the Federal Open Market Committee meeting.

The sterling corporate bond market had three visitors on Wednesday, making it the busiest day this year, and raised a combined £1.565bn, an unusually large amount for corporate sterling issuance.

Verizon Communications, the US telecoms group, embarked on an almost $3bn niche currency bond issuing spree this week, which included the largest foreign Swiss franc bond since early 2018.

Traton, the commercial vehicle making subsidiary of Volkswagen, had a storming debut in the bond markets on Wednesday, despite increasing choosiness among investors.

Vonovia, the German housing company, launched its first green bond on Wednesday, and investors were happy to buy it through the company’s conventional bond curve, even though its paper already trades more tightly than peers.

Wells Fargo has developed a coherent strategy for EMEA as it looks to meet demand for more choice from clients. But can it stand out from the crowd, asks David Rothnie.

Club Brugge, the Belgian football club, has begun bookbuilding for its IPO on Euronext Brussels, having fixed the price range at €17.50 to €22.50 a share.

HSBC sold one of the biggest sterling deals of the year on Wednesday, as it paid up slightly to achieve such a large size.

Paragon Banking Group this week became the first UK lender to launch a subordinated bond in an ESG format. The bank was looking to replace its only outstanding tier two with a new green-labelled transaction.

Fnac Darty, the French electronics retailer, has amended and extended its main bank credit lines, shortly after issuing its debut convertible bond as an independent company.

More US companies are rushing to take advantage of rising share prices by issuing convertible bonds, including Ford Motor Co, which is bringing a giant $2bn deal.

US private equity firm Carlyle has raised Rp39bn ($540m) after offloading a block of shares in SBI Cards and Payment Services, according to a source close to the deal.