Banks

Yankee banks ensured a record-breaking first half ended on a high, as European lenders took advantage of strong demand for tier two paper.

European banks are looking to tie up loose ends in their 2020 funding plans in next couple of weeks, according to deal arrangers, as they get ready for a remarkably uncertain summer period. Tyler Davies reports.

Unrated Swiss private railway operator Rhätische Bahn, owner of the UNESCO World Heritage-listed Bernina railway, made its second stop in the Swiss franc bond market this week, four years after its debut deal.

A survey by Deutsche Bank this week challenged the consensus that investors' interest in environmental, social and governance funds has been intensified by the coronavirus crisis. On the contrary, it argues: appetite has weakened.

Takeda Pharmaceutical was the standout issuer as US high grade corporate bond issuance ground to a halt this week, ahead of the July 4 holiday.

The huge demand seen for ThyssenKrupp Elevator’s buyout financing, the largest bridge loan left on banks’ books through the Covid-19 crisis, should reassure credit committees and capital markets operators that the LBO market is wide open again, for the right business. Owen Sanderson reports.

Deutsche Bahn tapped the Kangaroo and Swedish kronor markets on Wednesday after having spent the first half of 2020 focused on the euro market.

Guarantor: Federal State of North Rhine‑Westphalia

NRW.Bank’s inaugural social bond sparked a flurry of 15 year trades this week as a flattening French curve and the positive yields on offer helped spur on demand, with three issuers opting to follow the German agency’s successful trip to the maturity on Wednesday.

Europe’s high grade market finally found a solid footing on Thursday after days of scrabbling for purchase, with the biggest trades of the day landing flat or through fair value.

Belgium returned to the MTN market in euros on Tuesday with a 60 year note — its first private placement in the currency for over 18 months.

SoftBank’s repackaged €900m Argentum bonds exchangeable into Wirecard shares are to be liquidated immediately after the German payments company filed for insolvency in June, having disclosed €1.9bn of cash was missing from its balance sheet. This will offer investors a way out or a seat at the table for the looming bankruptcy proceedings.