Banks

World Bank hired banks on Tuesday to lead a new 40 year euro sustainable development bond — the supranational’ s longest ever benchmark in the currency. The deal will be the latest example of public sector borrowers venturing longer in the euro market this year.

Europe’s high grade corporate bond market is showing no signs of slowing down, with new issues again breezing through fair value.

BNP Paribas looked to satisfy minimum requirements for own funds and eligible liabilities (MREL) with a senior non-preferred deal on Tuesday, becoming the latest bank to lock in funding as spread levels hit term tights.

Banco BPM was unable to tighten through initial price thoughts for a new additional tier one on Tuesday, as it looked to maximise its regulatory allowance for the asset class.

UniCredit raised €2bn of preferred senior funding with a careful trade on Tuesday, as investors come to terms with a new pricing paradigm in the bank bond market.

Zurich Insurance Company attracted plenty of demand in dollars on Tuesday, as it sold first subordinated dollar trade in over two years — a deal that could fund its acquisition of Metropolitan Life’s US property and casual business.

Apollo Global Management has continued to selldown its stake in Watches of Switzerland, the UK luxury watch retailer, following a strong rally in the stock since its IPO on the London Stock Exchange in May 2019.

Bluefield Solar, the UK solar investment fund, has financed an £89m acquisition of a 70 MW plant using a revolving credit facility, with the borrower also amending terms on the bank debt.

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.