Banks

Chanel, the French luxury brand, made its debut in the sustainability-linked bond market on Thursday, but the deal found a lacklustre response from investors as question marks hang over demand for high end discretionary spending.

Ontario Teachers’ Finance Trust made a convincing statement as it hit the dollar bond market on Thursday with new three and 10 year notes that were tightly priced and had record order books.

Africa Finance Corp, the pan-African development finance institution, printed its first green bond on Monday.

Medtronic, the US medical devices company, garnered more than €19bn of demand for a €6.25bn six tranche bond issue on Thursday, including a sizeable oversubscription for the 30 year tranche, which some syndicate officials had said might be tough to place.

Kingsoft Cloud Holdings, backed by smartphone maker Xiaomi Corp, has raised $509.1m from a follow-on offering of American Depositary Shares, according to a source familiar with the matter.

Take-up was higher than expected for the European Central Bank’s latest series of Targeted Longer-Term Refinancing Operations on Thursday. But an overall allotment of €174bn still paled in comparison with the last round, as banks showed they already had plenty of excess liquidity on their balance sheets.

Baozun, a Nasdaq-listed e-commerce solutions provider, raised HK$3.3bn ($427.5m) from its secondary offering in Hong Kong this week, wrapping up the deal on strong international demand.

Thailand’s IPO market got a boost this week with SCG Packaging launching what is set to be the country’s largest listing since Covid-19 hit earlier this year. International and local investors have already swamped the deal, which is expected to raise up to Bt39.5bn ($1.25bn), writes Jonathan Breen.

The Kingdom of Morocco, an infrequent emerging market issuer that some investors have been watching for, launched a euro bond on Thursday, its second in two years.

Weak investor sentiment, oversupply and aggressive pricing strategies hurt the Asian dollar bond market this week. As issuers rushed to sell deals before China’s Golden Week holiday and the US presidential election in November, many were left with transactions that fell short of expectations or slumped in the secondary market. Morgan Davis reports.

JP Morgan and Morgan Stanley’s positions at the top of the UK corporate broking rankings have undoubtedly helped their equity capital markets businesses, but Goldman Sachs stands out for its disruptive approach, writes David Rothnie.

Taiwan Semiconductor Manufacturing Co (TSMC) raised $3bn from a triple-tranche bond sale on Wednesday.