Banks
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UBS raised A$2.75bn ($1.96bn) with a triple tranche senior unsecured deal through its Australian branch on Thursday, printing the largest ever Australian dollar bank deal for a foreign issuer. -
South Korean investment bank Mirae Asset Daewoo Co raised a $600m bond this week, but had to navigate questions around the stability of its rating and credentials to get past the finish line.
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Indian private sector lender Axis Bank has lined up four European banks for an equity sale that could raise up to Rp150bn ($2bn), according to a source close to the deal.
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Sino Biopharmaceutical’s chief executive Tse Ping has sold a portion of his stake in the company for the second time this year, pocketing HK$3.15bn ($406.4m) but causing the stock price to tumble in the secondary market.
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The hangover from the record breaking first half of the year in US high grade bonds continued to weigh on the primary calendar with just three borrowers taking home $1.85bn this week.
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Coventry Building Society (CBS) is racing to price Economic Master Issuer 2020–1, with the help of arrangers HSBC and Lloyds, to meet the huge demand for the deal, which is a hybrid between a master trust structure and a standalone RMBS — the first of its kind. The transaction, set to herald the next step in master issuer structures, is an innovation which could open the door to more financial institutions committing to long-term RMBS programmes, writes Tom Brown.
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In a world first this week, 23-year-old student and Australian retail government bond investor Katta O’Donnell filed a legal challenge against the sovereign on Wednesday, claiming that the government does not do enough to disclose the risks of climate change to investors. If successful, the case could change issuers’ obligations regarding climate risk disclosure.
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A burst of additional tier one (AT1) supply this week showed that financial institutions will be keen to take advantage of every funding window available this summer, despite having made substantial progress on their annual issuance plans.
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The double whammy of coronavirus and a crisis at the top of the bank makes the most testing of times for the new head of Commerzbank’s corporate clients division to make his mark. But Roland Boekhout has a broad vision for the firm’s corporate and investment bank and ideas for how to implement it, writes David Rothnie.
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Deutsche Bank has taken advantage of the addition of more collateral to its Pfandbrief mortgage pool following the merger with the former Postbank entity to issue more than €2bn of retained covered bonds.
