Banks

Capital & Counties Properties, the London landlord that owns large amounts of Covent Garden, is strengthening its liquidity position by issuing a £250m bond exchangeable into shares of Shaftesbury.

Metropolitan Life landed a good price on its return to the Aussie dollar market on Thursday, thanks to tightening spreads and a scarcity of high rated financial paper.

The tripling of Chinese e-commerce firm Pinduoduo’s shares this year did little to deter investors from pouncing on its follow-on and convertible bond outing. It raised about $5.3bn from the combined transactions, paving the way for further expansion and growth.

Audax Renovables, the Spanish renewable electricity producer, has become the latest European issuer to issue a green convertible bond, raising €125m.

The People’s Republic of China returned to the European market on Wednesday, part of its plan to make euro bond outings an annual exercise. The €4bn transaction was a blow-out, with the order book well oversubscribed — and one of the three tranches achieving the sovereign’s first negative yield. Morgan Davis reports.

The banking landscape in Spain and the UK is set to change, amid pressure on banks' profitability, after a flurry of announcements this week.

China Gezhouba Group Co raised $200m from a subordinated perpetual bond on Wednesday.

An accounting standard was launched on Wednesday that could prove a major step forward in how banks and investors calculate their contributions to climate change, and their progress towards net zero emissions.

Metso Outotec, the Finnish mining equipment maker, and UK warehouse Reit Tritax Big Box have mandated for corporate bond issues, as the euphoria in the high grade market shows little sign of waning.

The European Bank for Reconstruction and Development landed $1.5bn of five year paper on Wednesday — $500m more than it was originally targeting, thanks to stronger than anticipated demand.

High grade corporate bonds flew off the shelves again on Wednesday, with French computer game maker Ubisoft coming through fair value despite growing concern that the rush of deals would mean issuers paying higher new issue premiums.

The European Union received strong demand as it tapped a June 2035 line on Wednesday to finance loan disbursements under its Covid-19 Macro-Financial Assistance (MFA) programme.