Banks

Germany’s Volkswagen ended an absence of almost seven years from the offshore renminbi bond market this week, braving a year-end dip in liquidity to seal a Rmb1bn ($153m) deal. It offered yet another diversification opportunity for the carmaker, which is already a well-established name in China’s onshore securitization market. Addison Gong reports.

The Republic of the Philippines sold its largest international bond in more than a decade this week, raising $2.75bn from a deal that received strong support from investors confident about the country’s control of Covid, and its outlook. It even managed to get away with a record low coupon on one of the tranches.

Thai express delivery company Kerry Express launched its IPO this week, aiming to raise up to Bt8.4bn ($278.2m) in proceeds.

Hong Kong property company New World Development Co used a fixed-for-life perpetual structure to net $700m on Wednesday.

Chinese state-owned electricity company China Huaneng Group Co sold two tranches of perpetual bonds on Wednesday, raising $1bn.

Investors took a long-term view on Hong Kong Airport Authority’s $1.5bn perpetual bond on Tuesday, shrugging off any Covid-19 related travel concerns to place $14.5bn of orders. Morgan Davis reports.

The Commonwealth of the Bahamas raised $225m of 12 year money on Wednesday, taking advantage of a strong rally in its most recently issued bonds to tap markets 125bp inside where it did less than two months ago.

Opportunistic corporate issuers had a strong day of it on Wednesday in Europe's bond market, increasing deal sizes and enjoying bulging order books as investors turned positive on the outlook for the market.

Investors holding the covered bonds issued by NordLB in Luxembourg said on Wednesday that they were concerned about prospective rating downgrades after the bank said it would be wound down and in the wake of Fitch’s announcement on Tuesday that it had withdrawn its covered bond rating.

Turkey's largest city, the Istanbul Metropolitan Municipality, hit markets on Wednesday, seeking to raise dollars in a rare debt-raise. The deal is one of three major bonds from Turkish issuers in the last week.

Crédit Agricole landed at an extremely tight level on Wednesday morning as it made its social bond debut with a seven year senior non-preferred deal, following in the footsteps of last week's near zero yield print from Svenska Handelsbanken.

Credit Suisse gave investors an opportunity to buy new additional tier one (AT1) paper in the dollar market on Wednesday, shortly after receiving a credit ratings upgrade from Moody’s.