Banks

Tencent Music Entertainment Group (TME) attracted nearly $13bn of orders for its offshore bond debut this week. The company’s solid credit profile and backing from its parent helped win over investors. Morgan Davis reports.

Credit Suisse has named Carsten Stoehr as the head of its newly-created Asia Pacific strategic products (ASP) team, adding another job to a veteran banker who already runs Greater China.

Korea Expressway Corp made its debut in the Kangaroo market this week, taking A$450m ($324.6m) from a dual tranche deal.

Communauté Française de Belgique returned in mid-August after a seventh month absence to print a slew of deals for a combined €404m, according to Dealogic.

Hong Kong property company Hysan Development Co made a quick return to the bond market on Wednesday. It added $200m to a perpetual non-call three year deal priced just last week, thanks to strong follow-up demand.

JP Morgan has made three senior changes to its equity research team in Asean.

Kim Balt, who led ING's equity syndicate desk for 18 years, has joined Avantium, a Dutch company that makes alternatives to plastics from plants.

Scope for Nordic covered bond issuance in euros is moderately positive, even in Sweden where some issuers could yet make a strategic return to euros despite the higher cost. Danes and Norwegians may also make an appearance in euros, but Finnish supply hopes are considered more limited.

Finnair, the Finnish airline, printed a €200m perpetual non-call three year hybrid capital note this week, the first time a European airline has issued a bond since the Covid-19 crisis began on the continent.

After KfW mandated banks on Wednesday to join the 10 year euro flurry, the question on the minds of market participants is at what level the Germany agency will choose to start at with such a wide differential between relative and fair value.

The State of North Rhine-Westphalia and Nederlandse Waterschapsbank rebooted the long of the euro SSA curve on Wednesday with well subscribed deals and minimal new issue premiums.

Australia and New Zealand broke bond syndication records yet again this week, as Australia printed its largest ever deal while New Zealand scooped its largest ever order book with a seven year tap.