Banks

Dürr, the unrated German mechanical and plant engineering firm, is guiding investors on its final day of marketing towards it issuing a €250m bond with a yield aligned to issuers in the double-B ratings bracket.

A pair of infrequent issuers, Belfius Bank and Jyske Bank, tapped a strong market on Thursday with a pair of senior deals. The conducive environment is expected to wane as banks enter blackout periods, and prospective deals will have to vie with volatility around the US presidential election.

Kazakhstan’s state-owned oil company KazMunayGas raised a dollar bond on Wednesday, after what some investors described as a lengthy roadshow. KMG is the latest in a string of Kazakh borrowers that have come to capital markets over the last year to raise funding as investors develop an appetite for the central Asian country.

The Single Resolution Board (SRB) will not force all banks to make a linear progression towards their minimum requirements for own funds and eligible liabilities (MREL), in an effort to be more flexible during the Covid-19 pandemic. But financial institutions have still called on the authority this week to do more to prevent MREL from becoming a barrier to lending.

Just Group was met with strong demand for a green tier two in the sterling market on Thursday, allowing it to set a coupon of 7% versus initial price thoughts in the 7.5% area.

Chinese peer-to-peer lender Lufax Holding filed IPO paperwork in the US on Wednesday for what is expected to be a jumbo listing.

Southeast Asian bankers are enjoying a revival in primary equity raising, after three large deals were launched or set to be priced this week. Bankers are guardedly optimistic they can keep up the momentum. Jonathan Breen reports.

Swiss biotechnology company Idorsia has begun marketing for a Sfr575m at-market rights offer to fund the commercialisation of its lead product candidate.

Chinese property company Agile Group Holdings raised $300m from its Wednesday bond sale, but found less investor support than excepted.

Europe’s high grade corporate issuers secured another day of bulging order books on Wednesday, as concerns about scant primary supply to come washed away investor jitters about a collapsed $2.2tr fiscal stimulus deal in the US.

The International Finance Corporation made a strong return to the sterling market on Tuesday by printing its biggest ever bond in the currency with a negative new issue concession, as issuance heats up thanks to an improvement in the cross currency basis swap for dollar and euro borrowers.

The European Bank for Reconstruction and Development ventured out to raise its largest ever bond linked to the secured overnight financing rate (Sofr) this week in what otherwise a thin week for issuance in dollars.