Banks

Shaftesbury, the UK real estate investment trust that owns swathes of London’s West End, is tapping its shareholders for almost £300m ($392m) amid a severe downturn in the theatre district because of the Covid-19 pandemic.

United Overseas Bank achieved the tightest spread for a five year floating rate bank issue in Australian dollars in over 10 years this week, issuing A$750m ($532.0m) to prove that there is still demand at decade-low levels.

Bunzl, the distribution and services company, topped off a strong few days by printing a £400m from bulging order books a week after announcing growth in its third quarter trading statement.

The World Bank blew the cobwebs out of the dollar market on Wednesday, raising $6bn with a five year Sustainable Development Bond.

Italy and the Province of Québec will add to the euro public sector supply on Thursday, hoping to capitalise on the strong momentum in the currency following the European Union’s record order book earlier in the week.

Iberdrola, the Spanish energy utility, launched a €3bn dual tranche hybrid capital bond on Wednesday, as syndicate bankers say the hunt for yield is encouraging issuers to push boundaries on the amounts they raise in hybrid issues.

HSBC has hired Vikas Seth for a vice-chairman position, where he will be tasked with serving the firm's emerging markets clients.

A pair of banks made opportunistic moves into a euro market buoyed by positive headlines around a potential US stimulus bill on Wednesday. France’s Crédit Mutuel Arkéa and Japan’s Sumitomo Mitsui Financial Group each tapped for senior paper, raising €500m a piece.

Link Mobility, the Norwegian provider of business to consumer messaging and mobile services, has begun trading on the Oslo Børs following the completion of its Nkr6bn ($650m) IPO.

Michelin, the French tyre maker, has signed a €2.5bn sustainability-linked revolving credit facility with a three year maturity, as loans bankers say the market has become more nuanced towards maturities since the onset of Covid-19 made many of them tighten terms.

ReNew Power, the Indian renewable energy giant, brought a $325m green bond to the market on Tuesday. It offered investors a rare opportunity to buy a high yielding deal from the country, despite using a fairly unusual structure for its transaction.

Taiwanese electronics giant Hon Hai Precision Industry Co shook off trade war concerns to raise $1.4bn from the bond market on Tuesday.