Banks

Hipgnosis Songs Fund, the FTSE 250 investment company focused on music royalties, has completed its latest capital increase, as it gears up for a spree of acquisitions.

The Emirate of Sharjah has mandated banks for a dollar Formosa bond. Some say the market is becoming an increasingly popular one for emerging market issuers to tap.

A slew of Indian banks are turning to additional tier one and tier two instruments to raise their capital levels. But an expensive international debt market means the majority of the issuance is likely to take place onshore in rupees.

Chinese car manufacturer Great Wall Motors has paid up for its return to the loan market for a $440m-equivalent dual-currency deal.

Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has filed preliminary IPO documents with India’s securities regulator for a listing.

Electric vehicle maker Li Auto is planning to float American Depository Shares (ADS) on the Nasdaq. It is eyeing $100m in proceeds.

Oatly, the Swedish oat milk producer, is taking on debt to finance building two new factories with its first ever syndicated loan, and naturally chose a sustainability-linked instrument, its chief financial officer said. Those hoping for an IPO will have to wait a while longer.

Each week, Keeping Tabs brings you the very best of what we have found most useful, interesting and informative from around the web. This week: liquidity in the age of central banks, making bank capital green, and US fiscal stimulus.

FMO may lower its 2020 funding target when it reviews its borrowing plan after the summer, which could lead to a postponement of a planned dollar benchmark to next year. The Dutch development bank made a strong return to the issuance of subordinated debt this week ahead of a call date in December of its previous deal in the format.

Crédit Agricole won an appeal against the European Central Bank on Wednesday against fines levied against the treatment of some of its instruments as common equity tier one (CET1) because the central bank had provided “inadequate reasons” for penalising the French lender.

Dalata, the Irish hotel group, has amended its main revolving bank facility to increase the size to €364m and take a break from covenant reporting. Loans bankers say the hospitality industry will still need more concessions from lenders, despite starting to reopen across Europe.

Chinese issuers continued to bombard the dollar bond market on Thursday. Hangzhou Financial Investment Group Co, Yankuang Group Co and ZhongAn Online P&C Insurance were among those that sold deals.