Banks

Chinese property company Agile Group Holdings’ new $500m bond tumbled in the secondary market on Wednesday after the firm took an aggressive approach to pricing.

The former head of JP Morgan’s China unit has joined US-based index provider MSCI to lead its Greater China client coverage.

Chinese property developers Ronshine China Holdings and Sichuan Languang Development Co returned to the market on Tuesday to reopen their dollar bonds. Both the borrowers priced their taps tightly, but saw their notes widen in the secondary market.

Commerzbank has appointed Tony Zhang as the country chief executive for China and the general manager of its Shanghai branch.

Indomobil Finance Indonesia has launched a $240m borrowing into general syndication, changing its approach to the fundraising after market sentiment improved.

Agence Française de Développement printed a €1bn tap on Tuesday, while Fondo de Amortisacion del Deficit Electrico (FADE) landed €1.2bn at five years.

Worldline, the French payments company, received a warm reception from bond investors on Tuesday, putting aside any concerns that the scandal at German competitor Wirecard would sully sentiment towards the sector.

Austria mandated banks on Tuesday to lead its second century bond, in what will be a litmus test for investor appetite in the ultra-long end of the curve since the outbreak of the Covid-19 crisis.

The Nordic Investment Bank raised NZ$400m ($260.9m) with its return to the Kauri market on Tuesday, as it prepares to wind down its funding ahead of the summer break.

BBVA is the latest large European bank to have suffered a ratings downgrade during the Covid-19 pandemic, with Fitch having moved the issuer’s debt ratings down by a notch blaming a weaker operating environment in Mexico and Spain.

Exxon Mobil Corp, the US oil major, launched €4.5bn of bonds on Tuesday to establish a euro curve for the first time. Parts of its dollar bonds came under selling pressure as investors looked to swap into the cheaper debt.

Cavotec, the Swiss maritime engineering group, has refinanced its €95m revolving credit facility with a new bank line, a month after reporting a more than 20% hit to its revenues from the coronavirus pandemic.