Banks
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The sustainability-linked debt structure, which has already spread from the loan market to corporate bonds, has made its first appearance in a convertible bond, with a deal by Dürr. CB specialists expect it will take root in that asset class too. Jon Hay and Aidan Gregory report. -
US banks could be set for an extended hibernation from the dollar market after entering third quarter earnings blackout.
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Syngenta, the agricultural chemical and seed company, returned to the Swiss franc market this week for its second Swissie bond of the year — a blowout three year deal that surpassed the market’s expectations.
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Two borrowers visited the long end of the dollar curve this week and while both completed their deals successfully, investors clearly displayed more appetite for the higher yielding of the pair.
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Egypt this week became the first sovereign issuer in the Middle East and North Africa to issue a green bond. The deal had been delayed by the coronavirus pandemic, bankers said, but it gained considerable traction from investors when it was finally brought to market.
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Bank Nederlandse Gementeen kicked off a busy week for socially responsible bond issuance by public sector borrowers with a well-received 12 year sustainable bond, its longest ever deal in that format.
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Barclays has reshuffled management of its corporate and investment bank, making Paul Compton global head of banking and CS Venkatakrishnan global head of markets.
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Bank of America has promoted Jeff Tannenbaum, its head of debt capital markets and leveraged finance EMEA, to head of global capital markets for the region.
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The City of Bremen was heavily undersubscribed as it came to the market with an eight year bond on Thursday, in what is the region’s second consecutive public deal that has failed to reach full subscription.
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Domestic bank consolidation has returned to the top of the agenda, but for financial institutions bankers, unlocking the most lucrative relationships requires years of coverage and an ability to look beyond the quick fix of M&A, writes David Rothnie.
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InterContinental Hotels (IHG), the UK hotel group, sold sterling and euro debt on Thursday without paying a concession, as market technicals and the potential for a substantial coupon increase proved enough to sweep away investors’ concerns about the sector.
