Banks

Japan’s Meiji Yasuda Life Insurance Co has sold €125m of shares in Talanx, the German business-to-business insurer, after the stock rallied by more than 50% from its post-crash lows in March.

Klaveness Combination Carriers, a Norwegian shipping company, has signed what it claims to be the first sustainability-linked bank loan for the sector in Norway, as the outlook remains gloomy for global shipping.

Crédit Agricole Assurances (CAA) added to the subordinated deal flow in the FIG bond market on Tuesday by launching a tier two bond. The French insurer benefitted from the rarity of its appearances in primary markets, and the large deal size meant that although the issuer paid some premium, it "did not leave much value on the table", according to a lead manager.

Conditions in the primary FIG bond market have improved of late, tempting European issuers to bring subordinated trades. Rabobank made an appearance this week, adding to a flurry of trades in the format.

BBVA became the first financial institution to issue green debt in additional tier one (AT1) format on Tuesday, launching a bond with a 6% coupon. The Spanish lender left no premium on the table, according to some market participants.

Redefine Properties, the South African landlord, has completed a tender offer for all of its outstanding €117.2m bonds that are exchangeable into shares in RDI Reit, the London-listed real estate investment trust.

Shimao Group Holdings offered bond investors a rare 10 year tenor from the Chinese property industry, pricing the $300m deal inside of fair value.

John Muncey has joined Barclays as vice-chairman of its consumer retail group (CRG) in Europe and the Middle East, while Jamshed Kakalia has been promoted to lead the consumer business in that team.

Property developer Modern Land (China) Co has returned to the green market with a $250m bond.

One Equity Partners made its exit from Korea’s Celltrion Healthcare on Monday evening, cashing out of a stock that has rallied by about 97% over the past year.

Philippines issuers continued to add to the bond market this week, with BDO Unibank breaking a three-year hiatus for $600m.

Sunac China Holdings met some of its looming dollar refinancing pressure with a $1bn bond outing on Monday.