Banks

Galaxy Pipeline Assets, the group of international investors that provided Abu Dhabi National Oil Company (Adnoc) with $10bn in a pipeline partnership deal last year, has re-entered debt capital markets just months after it sold what some involved in the deal claimed was one of the biggest project bonds ever.

Deutsche Bank attracted more than €7.5bn of demand for two tranches of non-preferred senior debt on Monday, as investors showed strong support for the credit following a positive set of results for 2020.

The Arab Republic of Egypt entered the international bond market on Monday to sell a Reg A/144A multi-tranche dollar deal. Some participants are calling the 40 year tranche “ambitious”, as they say investor demand for duration has been weakening.

Danske Bank slipped in ahead of a post-earnings supply rush on Monday to issue a new tier two note at flat to fair value. According to one banker, the deal showed that investors were still willing to take on risk even as spreads near record lows.

World Bank has been aggressively pushing out its curve linked to the Secured Overnight Financing Rate: the new risk free rate in dollars. Other supranationals are eager to follow the Bretton Woods institution into longer dated floating rate paper.

JP Morgan paid a visit to the euro market for new senior funding at the start of the week, following recent examples set by Goldman Sachs and Morgan Stanley.

Axa Investment Managers' Yo Takatsuki has joined JP Morgan Asset Management as head of investment stewardship for Europe, the Middle East and Africa.

Veolia Environment, the French utility, has launched an all-out attack in its attempt to buy domestic rival Suez, as the acquisitive company looks to bypass Suez’s board in an offer to shareholders that values the target company at €11.3bn. Suez is already claiming that the move has been denied by the courts.

Rating: Baa3/BBB/BBB

HH&L Acquisition Corp has bagged $360m after increasing the size of its New York Stock Exchange IPO, in yet another sign that Asia-focused blank cheque companies are surging in popularity.

Brookfield Asset Management has pulled off India’s third ever real estate investment trust IPO, raising Rp38bn ($521.7m) as strong demand covered the deal multiple times over.

JP Morgan has named Simone Haslinger and Jonas Troeber as the co-heads of its equity capital markets business in Australia and New Zealand.