Banks

Following its inaugural sustainability bond on Monday, Luxembourg hopes that other sovereigns will use its framework as a starting point for their own outings in the format. The Grand Duchy’s sustainability framework is the first to align with the recently published EU taxonomy.

A year on from the closure of its flow equity trading business, Deutsche Bank’s investment bank is back in a bullish mood after performing well during the first stage of the coronavirus crisis.

Two public sector borrowers managed to get euro deals done in the primary market ahead of the European Central Bank’s governing council meeting on Thursday, with World Bank issuing its biggest ever bond in euros longer than 10 years and Hamburg comfortably crossing the line despite an embarrassing start to the execution process.

Europe’s corporate bond investors had the spectrum of credit ratings to pick from on Thursday, from A- rated Volvo Treasury down to German speculative grade fallen angel ZF Friedrichshafen.

London-listed cruise operator and retirement services provider Saga has completed the first leg of a £150m recapitalisation led by Sir Roger De Haan, the son of its founder.

Joy Spreader Interactive Technology kicked off its Hong Kong IPO on Thursday, aiming to raise up to HK$1.7bn ($225.2m).

State-owned Saudi Electricity Co is set to debut in the still nascent green sukuk market, making it only a handful of issuers across the world to do so.

Hong Kong-listed ESR Cayman pulled off its first convertible bond this week, signalling an increasing flow of deals to come to the Asian equity-linked market. The company took advantage of its surging stock price and a hot reception from investors to raise $350m. Jonathan Breen reports.

French reinsurer Scor launched a tier two at a negative new issue premium on Thursday, finding plenty of demand after a prolonged absence from the market.

AIA Group has issued a $1.75bn subordinated bond, which will be the first to qualify as tier two capital under a new regulatory framework in the works in Hong Kong. Alice Huang reports.

The European syndicated loan market’s transition from Libor to risk-free rates is gathering pace, with market participants starting to offer a much clearer view on the technicalities that a world without Libor will look like for lending.

Harald Kröger is set to take charge of Raiffeisen Bank International’s group investment banking division from October 1.