Banks

Fast food restaurant franchiser Yum China Holdings is in the process of mandating banks for a secondary listing in Hong Kong, according to sources familiar with the matter.

ESR Cayman, a warehouse construction firm and lessor, is planning to list a real estate investment trust (Reit) in South Korea later this year, according to a source close to the transaction.

BP, the UK oil major, has announced its debut hybrid trade with a multi-tranche triple currency deal mandate. The borrower was looking to steady its credit ratings a day after warning that it was going to write-off up to $17.5bn of assets.

Europe’s corporate bond market burst into life on Tuesday with more than 10 primary deals on screens, as the US Federal Reserve’s plans to buy individual bonds brushed aside fears of a resurgence of Covid-19.

The UK electricity operator National Grid has raised a multi-export credit agency (ECA) covered loan, which also adheres to the Loan Market Association’s Green Loan Principles.

The New Development Bank was not able to claim a seat among the top supranational borrowers as it brought its debut dollar benchmark on Tuesday, pricing at a spread of over 30bp to the premium triple-A rated names, according to on-looking SSA bankers.

UK listed product inspection company Intertek is looking to sell US private placements, according to sources, as the market struggles to entice companies away from bond issuance and bank lending.

Region Stockholm printed a health impact bond on Tuesday. It is an example of a social impact bond. Unlike a vanilla social bond, the repayment and interest on the bond are directly linked to the success of the funded health project.

Armin Peter has been made head of sustainable banking for Europe, the Middle East and Africa at UBS.

Axa Banque SFH mandated leads on Tuesday for its first deal of the year, a €500m 15 year, while DZ Hyp has appointed leads for a benchmark eight year Pfandbrief.

Lloyds Bank Corporate Markets seized the opportunity to raise senior funding in sterling on Tuesday, with the market back in 'extremely good shape' after several days of volatility. It is expected to be followed in the currency by Legal & General Group and Virgin Money, which have each announced strategic transactions this week.

The Republic of Belarus is taking a second run at the new issue market after its first round of marketing ran into Covid-19.