Banks

The State of Brandenburg will keep the primary euro public sector bond market ticking on Tuesday after mandating banks for a new 20 year bond for which it hopes to achieve a better outcome than Berlin's deal at the tenor last week.

HSBC revealed a big increase in credit loss provisions in its second quarter results on Monday, as it vowed to step up the pace of its strategy shift. In the investment bank, it was a strong outing for fixed income and currencies trading, but a disappointing quarter for equities.

Hyde Housing, a UK housing association, held an investor call on Monday for a long dated sterling benchmark-sized bond, with bankers assessing demand for high grade debt in the currency is at a high.

Israeli energy company, Delek Drilling, is set to launch a $2.25bn bond sale this week to support the expansion of its gas fields in the Mediterranean Sea, according to market sources.

The European Commission’s proposed amendment to the Liquidity Coverage Ratio Delegated Act suggests covered bonds, such as those issued by NordLB Luxembourg and others, could be excluded, which could extinguish banks’ demand for them. However, it is likely that a solution referencing the covered bond directive will be found.

CEEMEA bond bankers are pinning their hopes on the EU's €750bn recovery fund to spark green issuance once again. The market has been moribund since Covid-19 drew issuers' attentions elsewhere, with a debut deal from Georgia Global Utilities (GGU) — a portfolio company of London-listed Georgia Capital — one of very few recent highlights.

FIG deal arrangers predict the dollar market could come alive again in early August, as European banks exit earnings blackouts and weigh up their funding options.

Société Générale will make its structured products less risky, it said, after a difficult first half of the year in its equities business.

Taiwan’s Cheng Loong Corp, a paper maker, has closed syndication of a $130m borrowing with nine banks.

The Loan Market Association is not looking at producing documentation for social revolving credit facilities, adding to the likelihood that the first-of-its-kind Covid-19 facility for Suez last week will remain a rarity in the market.

China Grand Pharmaceutical and Healthcare Holdings has tapped the equity capital market for HK$1.01bn ($130.9m), boosting its share price over 20% as a result.

Credit Suisse has given staff including Jeff Cohen new positions and is also creating a new energy and infrastructure group.