Banks

RBC Capital Markets has reorganised its European equity capital markets and corporate broking business following the decision of Darrell Uden to step down at the end of this month.

Westpac kicked off 2021’s Australian financials market on Thursday by launching a new tier two bond. Aussie borrowers are expected to focus on capital trades this year in order to meet their total loss-absorbing capacity (TLAC) requirements with tier two debt.

HSBC has created a dedicated sustainable and transition finance team for the Middle East, North Africa and Turkey, as the region tries to make its economies more sustainable.

Investors have enthusiastically backed a €4.6bn financing package for Ineos Quattro, funding the integration of BP’s aromatics and acetyls business into the chemicals conglomerate. Strong demand allowed the company to raise more secured debt than expected, cutting funding costs, and strip out a bank-targeted term loan ‘A’ in favour of a bigger, cheaper, institutional term loan ‘B’.

The Europe Investment Bank extended the euro short term rate (€STR) floating rate note curve on Wednesday with 2021’s first deal in the format.

Top US bankers are optimistic about their investment banking businesses for the start of 2021, after a stellar 2020 during which their clients rushed to financing markets to help them get through the Covid-19 crisis, and government and central banks provided essential support.

Goldman Sachs won strong demand for a chunky €1.75bn deal in the euro market on Thursday, becoming the first US bank to visit the currency after posting full year results.

Hipgnosis Songs Fund, the London-listed investment fund focused on music royalties, is embarking on yet another share sale to finance its bulging pipeline of acquisitions.

IG Group, the UK derivatives trading platform, plans to use $906m-equivalent in debt and equity to finance a $1bn acquisition of US brokerage Tastytrade.

Chinese vape company RLX Technology raised $1.4bn from its US listing this week, pricing the deal above the marketed range after a huge turnout from investors.

Chinese car manufacturer BYD has closed Hong Kong’s largest primary share placement in more than half a decade, raising HK$29.9bn ($3.86bn). The issuer tapped the market as the local benchmark Hang Seng Index hit a record high, getting strong demand from mainland investors. Jonathan Breen reports.

Macau casino operator SJM Holdings generated a $10bn-plus book for its $1bn debut bond this week, despite tight pricing and the lack of US investors. Its credit profile, the transaction’s timing and a comprehensive marketing strategy worked in its favour.