Banks

Thai hospitality company Minor International (Mint) used a guarantee from Bangkok Bank to issue a $300m bond this week. The deal structure, which echoes its 2018 debut bond, helped quell investor concerns about how Covid-19 has ravaged the borrower’s business. Morgan Davis reports.

Trinidad and Tobago tapped bond markets for the first time for four years on Monday with a deal that its finance minister claimed “achieved what our detractors said was impossible”.

India’s Mu Sigma, a data analytics firm, has kicked off an up to $100m loan in general syndication, after receiving commitments from three banks ahead of launch.

Veolia Environnement, a French water, waste and energy management company, raised Rmb1.5bn ($212m) from a three year private placement Panda bond on Monday, pricing the deal inside of expectations.

Hong Kong’s financial regulator has fined Guotai Junan Securities HK$25.2m ($3.3m) for breaching anti-money laundering rules and for other regulatory failures.

Alexander Karolev, head of CEEMEA bond syndicate at BNP Paribas, has left to take up the recently vacated head of CEEMEA debt capital markets syndicate position at JP Morgan.

Exxon Mobil, the US oil major, is due to establish a bond curve in euros for the first time, as it continues building up cash as the hydrocarbons industry is pummelled by the coronavirus pandemic.

Pharmaceutical company Ferring is preparing to launch its first public bond, having mandated banks on Monday to lead investor calls ahead of a potential Swiss franc trade.

Europe’s high grade corporate bond market has started the week on the front foot, with a mixture of deal types for investors to snap up including a rare chance to grab yield on a green bond.

MTU Aero Engines, the German aeroplane engine maker, has mandated for its debut senior euro benchmark bond. The marketing process shows signs of a defensive approach, as the aviation industry has been ravaged by the coronavirus pandemic.

Hopes that the recovery from the Covid-19 recession can be a green one have been widespread throughout the crisis, and no sector is more important to that aspiration than renewable energy. The industry as a whole has been well buffered from the downturn, but there are points of pain, and the post-pandemic market will be different.

Kommunalbanken snagged NZ$500m ($324.5m) on Friday with the second largest Kauri bond of the year. Interest in the New Zealand dollar is high, with NZ$1.1bn worth of SSA Kauri deals printed so far this month — and more are set to follow.