Banks
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Crédit Agricole has picked banks to run a planned senior preferred Panda bond, its third outing in the format. An investor call has been scheduled for next week. -
SciClone Pharmaceuticals, which manufactures a possible treatment for the coronavirus, hit the IPO market with a HK$2.18bn ($281.2m) offering on Friday.
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Ping An Insurance has raised $250m from the first offshore bond from China following the Lunar New Year holiday. It was also the only borrower from Asia ex-Japan to hit the dollar debt market this week.
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Asia Allied Infrastructure Holdings, a Hong Kong-listed property developer and investor, has returned to the loan market after one year. It has raised HK$1.3bn ($167.6m) from a group of five banks.
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HSBC chooses chief sustainability officer — JP Morgan creates European unit for Spacs — Piero Novelli to quit UBS
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Hennes & Mauritz, the Swedish clothing retailer, earned blowout demand for its sustainability-linked debut bond, but bankers off the trade said on Thursday that the exuberance was indicative of just how far capital markets have strayed from reality.
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US corporate bond bankers have shrugged off concerns that the steepening of the US Treasury curve could spell problems for credit, after the 10 year yield closed at 1.29% on Wednesday and the 30 year broke though 2%.
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There were flashbacks to last month’s Spanish syndication in the bond market this week as Italy made an emphatic start to the Draghi era in the BTP market. The borrower shed billions of orders on Tuesday after aggressively pricing its first syndication since the appointment of the ex-ECB chief as the country’s prime minister. Burhan Khadbai reports.
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The rally in Swiss fixed income over the last year allowed Geneva Airport to price a new 10 year deal this week 70bp tighter than where it printed a three year deal last April.
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The financial institutions bond market had its Roger Bannister moment this week, as Deutsche Kreditbank broke the zero yield barrier for the first time. Now that a German borrower has lifted the negative yield taboo, bankers expect even deeper yielding deals could follow.
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Rating: Baa1/BBB/BBB-
