Banks

Lloyds Bank is offering investors the chance to trade in several of its legacy tier one and tier two capital instruments in exchange for a new 15 year tier two note.

Mediobanca was swamped with orders for a small tier two on Monday, as investors welcomed a rare opportunity to gain subordinated exposure to the Italian bank. Its deal was further supported by another positive development in the race to roll out a vaccine for Covid-19.

Erste Group Bank launched its second additional tier one (AT1) of the year on Monday, taking advantage of a surge in risk appetite in the run up to the Christmas break.

BBVA said on Monday that it had reached an agreement to sell its US subsidiary to PNC Financial Services. The Spanish bank’s bonds rallied sharply on the news of the deal, which will increase its main capital ratios by as much as 300bp.

Gunvor, the Swiss energy trader, has signed a $1.225bn European revolving credit facility, having increased it after asset-hungry lenders oversubscribed the loan during syndication.

Swedish digital bank Nordnet has set a price range for its IPO on Nasdaq Stockholm, following a constructive investor education process.

Lars Ingemarsson and Alex Stiris have been named co-heads of the Nordic region for Citi's banking, capital markets and advisory division (BCMA).

Chinese beauty company Yatsen Holding has set its New York Stock Exchange IPO in motion, kicking off bookbuilding for a $616.9m listing.

Shanghai and Hong Kong-headquartered property developer Cifi Holdings (Group) has made a quick return to the loan market. It is seeking $300m-equivalent.

JD Health International, Evergrande Property Services Group, detergent maker Blue Moon Group Holdings and video marketing company Netjoy Holdings have started pre-marketing their Hong Kong IPOs.

Mexican power generator FEL Energy is the most recent Latin American credit to announce bond issuance plans but bankers covering the region expect several drive-by trades this week before the US Thanksgiving holiday cuts the window short next week.

KfW finished off this year’s funding programme with a €2bn green bond tap on Thursday, bringing the outstanding to €6bn and making it the largest ever non-sovereign green bond line.