Banks
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Chinese property developer Datang Group Holdings has set its IPO in motion, opening the book for an offer that could fetch up to HK$1.5bn ($197.9m). -
Mercuria and Gunvor, the Swiss commodity and energy trading firms, have signed credit facilities for their US businesses, with both companies adding more banks to the deals.
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European banks are running out of ways of selling senior bonds at positive yields. A near-miss from Svenska Handelsbanken this week was enough to convince the market that it’s only a matter of time before an issuer breaks the 0% barrier, write Tyler Davies and Frank Jackman.
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MUFG is overhauling personnel and its business model to try to escape a cycle of low returns, writes David Rothnie.
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Sub-benchmark deals are not so much of a novelty anymore: a trio of rare names filled their boots with diminutive deals this week, with each attracting bumper demand.
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The green bond market is set to grow in Swiss francs, as domestic investors turn towards the product. This week, Swiss Prime Site, a local real estate developer, made use of this demand to sell one of the largest Swissie real estate bonds in over six years.
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The European Union impressed once again this week as it sold the third and final bond of the year under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.
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E.On has completed the largest liability management exercise ever in Germany, shifting about €11.5bn of bonds issued by Innogy, which it has taken over, to its own balance sheet.
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Hera, the Italian utility, had the market to itself on Thursday, as corporate bond supply fell. But syndicate desks were split over whether this week’s roaring demand could encourage other opportunistic issuers to the market well into December.
