Banks

Tyco Electronics, the US-Swiss connector technology firm, kicked the week off in Europe’s high grade corporate bond market with a well received deal on Monday, as more euro issuers line up.

IDB Invest, the arm of the Inter-American Development Bank that lends to the private sector, is preparing to roll out a sustainable debt programme which could lead to it issuing all its future bonds in this format.

Intermediate Capital Group, the UK alternative asset manager, has signed a £500m revolving credit facility based on Libor, but with provisions to change to risk-free rates when the old benchmark falls out of use.

Met Group, the Swiss energy trading company, has signed €915m of short term loans, reducing its facility for the first time for years, after ABN Amro, one of its main lenders, pulled out of this kind of financing. Met found two other banks to replace ABN but wanted to focus on price with the deal, rather than size.

Mass arrests following protests in Russia over the last two weeks in defence of opposition leader Alexei Navalny have increased the likelihood of US sanctions on some of the country’s leading figures. However, market experts say that new sanctions would be unlikely to cripple the country’s markets, as they have done in the past.

UK money manager Triple Point Investment Management is preparing to float a new fund on the London Stock Exchange focused on opportunities within digital infrastructure.

Mainland-based healthcare sector issuers SciClone Phamaceuticals (Holdings), New Horizon Health and Joinn Laboratories (China) kicked off pre-deal investor education for their Hong Kong IPOs on Monday.

Singapore’s ride hailing start-up Grab Holding has further increased the size of its term loan B to $2bn following solid traction in the US market.

Hong Kong’s personal loan provider United Asia Finance has increased the size of its loan to HK$2.55bn ($328m) after receiving strong response during syndication.

Suzhou Basecare Medical Corp has wrapped up its Hong Kong IPO. It was set to price the deal on Monday at the top of the marketed range, according to a source familiar with the matter.

Europe’s convertible bond market has got off to a relatively slow start to the year, with €1.6bn of issuance in January, according to Dealogic data. However, the asset class remains popular with investors looking to gain equity upside but mitigate against valuation risk.

Liberty Mutual gave US institutional investors their first chance to pick up subordinated paper with a fixed-for-life coupon in the 144A market this week. Bankers say the issuer may have found a new pool of demand for the product, which has traditionally been reserved for retail channels.