Banks

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

La Mondiale took advantage of a sudden improvement in market conditions this week to strengthen its capital structure with the sale of a new tier two. The French insurer was able to launch its deal 5bp through fair value.

New Zealand attracted record demand for its largest ever bond as it tapped the market with a four year syndication on Tuesday. With the government facing an elevated funding programme in 2020-21 to combat the effect of the coronavirus pandemic, there is a feeling that record-breaking deal sizes will become more common a spectacle.

AIB Group priced a €625m additional tier one (AT1) bond in euros this week, following several volatile days of trading for the asset class. The deal surpassed expectations in terms of size and pricing, having been run along with a tender offer for one of the Irish lender’s existing AT1s.

Belgian materials technology and recycling company Umicore has tapped into growing investor demand for issuers with strong ESG credentials by placing a debut €500m convertible bonds to fund its development and diversify its funding structure.

Castle Peak Power Co, a Hong Kong power generator, sealed a $350m energy transition bond on Monday. It was one of just a handful of these bonds sold in the world, and the second from Asia.

Chinese online marketplace 58.com has received a $3.5bn loan from Shanghai Pudong Development Bank to support its take-private.

The strong response from banks to Charoen Pokphand Group’s acquisition-related loan is not a true reflection of conditions in Asia’s syndications market — despite what some may say.

China Huadian Corp priced a $500m bond on Monday, riding on the improvement in market sentiment to reopen the perpetual market for state-owned enterprises.

Crédit Agricole has mandated seven banks for its second outing in China's onshore renminbi market. The deal, again taking the form of a senior preferred bond, is expected to price next week.

China’s Genetron Holdings has launched bookbuilding for its Nasdaq listing, according to a source familiar with the matter.

Industrial Bank of Korea bagged $500m from a social bond on Monday, with the proceeds pegged to help companies struggling because of the Covid-19 pandemic.