Banks

Henan Water Conservancy Investment Group sold its maiden $500m bond on Tuesday, adding to the high grade supply from China’s local government financing vehicles (LGFVs). But its deal was not easy, with the issuer having to navigate a handful of obstacles.

Mainland-based logistics company ZTO Express (Cayman) has hit the road with its Hong Kong secondary offering, with two other Chinese US-listed firms hot on its heels.

Cathay Pacific Airways is asking lenders’ consent to exercise the extension option on a 2017 loan.

BBVA’s Mexican subsidiary, Bancomer, on Tuesday provided one of the clearest examples yet of the attractiveness of international bond markets for Latin American borrowers as it notched the lowest ever coupon on a dollar deal from a bank from the region.

Novartis, the Swiss pharmaceutical company, is set to join the nascent sustainability-linked bond market this week after mandating banks for a trade and investors will have another chance to pick up crossover rated debt in a deal from forklift truck maker Kion Group.

French agency Cades and the International Development Association returned to the dollar market for the first time since the summer break on Tuesday to bring a pair of five year socially responsible deals.

Gonzalo García and Anthony Gutman have been named as co-heads of the investment banking division for Europe, the Middle East and Africa at Goldman Sachs. They take on what is a new position.

Rentenbank impressed SSA bankers on Tuesday as rolled out its debut benchmark green bond. The deal is expected to pay no new issue premium at the final spread.

Instone Real Estate, the German residential property developer, has found strong support for its €182m rights issue, which it announced in August to fund an acceleration of its growth strategy.

Andy Bourne and Ross Webster have arrived at Mizuho International to work on convertible bonds.

UniCredit Bank Austria (Baca) was set to issue its fastest growing, most subscribed covered bond ever on Tuesday and Sparebank 1 Boligkreditt was posed to bring ts most subscribed deal with its most granular order book ever. Both covered bonds were priced flat or slightly inside fair value and illustrated that market conditions are at the best they've been this year.

The World Bank raised NZ$550m ($369.9m) with a rare seven-year New Zealand dollar bond, breaking the record for the largest Kauri bond at that maturity or longer.