Banks

A Climate Bonds Initiative and Credit Suisse document on ‘financing credible transitions’ may help to create a market standard for judging when a company is moving to a net-zero carbon future. One of its creators said that, in theory, firms could raise dedicated transition equity as well as debt.

Groupe Peugeot Société Anonyme, the French auto manufacturer, chose a tough day to launch a €308m sale of stock in car parts maker Faurecia. The sale is a key condition of the company's merger with Fiat Chrysler.

Daa, the Irish airport operator, and UK residential property company Akelius snatched the chance to raise funds on the most stable day this week. But demand has been muted as jitters about lockdowns and next week’s US presidential election kept some investors on the sides.

THE CITY of Lugano sold a bond that has pushed the Swiss franc curve out to its farthest point this week, locking in a coupon of 0.15% for 50 years, following a similar deal for Bern last month.

Fee growth from Credit Suisse's equity capital markets business supported its newly established investment bank, its third quarter results on Thursday showed.

Etihad Airways issued the first transition sukuk this week, a $600m deal, further burnishing its green credentials after issuing a loan linked to the UN’s Sustainable Development Goals less than a year ago.

NH Hotel Group, the Spanish hotel chain, has extended its revolving credit facility, but three lenders have pulled out of the deal, which has been reduced in size by €14m to €236m.

JPM names new ECM, DCM heads – Deutsche hires for ESG

Chinese financial technology company Ant Group has sealed the world’s largest ever IPO, raising $34.4bn from dual listings in Shanghai and Hong Kong. The company built two mammoth order books despite a turbulent week for equity markets globally — although that created serious challenges for bankers allocating the stock. Jonathan Breen reports.

Two Chinese local government financing vehicles (LGFVs) hit speed bumps in the dollar bond market this week amid rising volatility, as investors pushed back on the issuers’ attempts to get away with aggressive pricing. While one of the borrowers sealed its deal despite tepid demand, another was forced to scrap its transaction. Morgan Davis reports.

China Merchants Bank has sold its first mortgage-backed securitization (RMBS) with an international rating. Foreign demand helped with a smooth bookbuilding process, despite a weak market backdrop. Addison Gong reports.

South Korea’s Kookmin Bank used a Covid-19 sustainability bond label for its $500m bank capital deal on Wednesday.