Banks

The Executive Centre, the Hong Kong-based co-working space operator, has relaunched its $180m five year loan after suspending syndication earlier this year owing to the outbreak of Covid-19.

Jean Pierre Mustier will retire as CEO of UniCredit in April, the bank announced this evening, as the board no longer agrees with his strategy. The change could mean UniCredit pivots towards Italian priorities and political influence.

BP, the UK oil major, and car rental company Sixt have hired banks for new bonds as the end of year issuance window looks set to stretch into next month.

Snam, the Italian gas network company, has reinvigorated the transition bond market, servicing investors unable to buy sustainability-linked bonds.

Kommunalbanken and L-Bank will each bring a dollar benchmark to the market on Tuesday, in what could be the final public SSA deals in the currency this year.

The Istanbul Metropolitan Municipality, Turkey’s largest city, and VakifBank have both mandated banks to arrange dollar bond syndications. The trades come just days after the sovereign squeezed into the market before the US Thanksgiving holiday to raise a tightly priced dollar bond.

The Basel Committee on Banking Supervision (BCBS) has declared the end of the Basel III policy agenda, promising that any further reforms in this area will be "limited in nature".

Market participants expect a sluggish start to the week but are hopeful that a favourable window might tempt a few names to bring deals forward. Up first is Crédit Agricole, which is preparing to make its first foray on to the social bond circuit.

Electrocomponents, a UK electrical and industrial supplies company, has signed a £300m revolving credit facility, increasing the size of the facility being replaced as access to liquidity remains many companies' key consideration.

Ed Mulderrig has been appointed head of European debt syndicate at UBS, the latest in a series of changes to the responsibilities of the firm's senior debt capital markets bankers.

French hotels group Accor this week became the latest issuer to tap the convertible bond market for financing in the wake of the rally in value stocks following positive Covid vaccine news in early November.

Charlie Nunn, HSBC's global chief executive for wealth and personal banking, has been appointed as the next chief executive of Lloyds Banking Group.