Banks

Finland’s Municipality Finance has had a busy week in the Norwegian krone market, as demand from domestic bank treasuries for high quality liquid assets (HQLA) drove a pair of floating rate notes in the currency.

The Republic of Benin on Tuesday launched a euro bond, its second entry into international markets since its debut in 2019. Bankers on the deal believe the bond is the beginning of a surge in sub-Saharan African issuance, with other sovereigns including South Africa and Nigeria also expected to enter the bond market in the coming months.

Nomura has expanded its covered bond trading capacity with a new hire from BNP Paribas.

Korea Development Bank returned to the bond market on Monday with a three-tranche transaction, marketing one of the notes with a green label. Despite pricing its trade at one of the tightest levels seen among the country’s lenders, the borrower still received strong demand.

Beijing Capital Group Co, which marketed a two-tranche deal on Monday, decided to ditch the planned perpetual note and instead price a larger senior tranche for cost reasons.

Yongcheng Coal and Electricity Group’s debt woes have continued into the New Year. The company has warned about a missed payment on yet another domestic bond, and more institutions involved in its bond issuance have been criticised by a Chinese regulator.

Agricultural Bank of China and Shanghai Pudong Development Bank Co competed for investor orders on Monday. ABC, the bigger of the two and offering a green bond to the market, got more attention, while SPDB faced an uphill battle.

Taiwanese printed circuit board manufacturer Zhen Ding Technology Holding has broken a three absence from the loan market to launch a $250m deal for refinancing.

Vietnam’s Masan Group Corp is inviting lenders to join an up to $250m loan to support an investment into one of its subsidiaries.

Chinese electric vehicle manufacturer Nio is tapping the equity-linked market for a jumbo convertible bond, as it looks to add more to its coffers just a month after a multi-billion-dollar share sale.

Vingroup Joint Stock Co has launched an up to $400m loan to the market.

The first public deals of the year in the long end of the euro curve from the supranational and agency sector arrived on Monday, with the trades receiving huge demand and pricing exceptionally tight to secondary levels.