Banks

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.

SK Battery America sold a $1bn green bond this week, overcoming hurdles involving concerns about recent downgrades, and a legal battle with a competitor. Morgan Davis reports.

Government-owned Korea Southern Power Co marketed a green bond to dollar buyers on Wednesday, netting $450m from the trade.

Indonesia Infrastructure Finance raised $150m from its maiden sustainability bond on Wednesday that proved popular among investors looking to get their hands on the rare southeast Asian credit.

Chinese conglomerate Fosun International went to the international debt market on Wednesday for a $500m deal.