Banks

Europe’s investment grade companies added to the workload of a rejuvenated but busy green bond market on Wednesday with deals from Alliander and Prologis. But debt bankers believe that, after weeks of emergency funding in response to the coronavirus pandemic, the coming weeks should bring the return of more run-of-the-mill trades.

Ina Invest Holding, the real estate development division of Swiss construction company Implenia, has announced a Sfr100m at-market rights offer that will complete the spin-off of the company on the SIX Swiss Exchange.

Investors were eager to buy a euro benchmark seven year covered bond from NordLB Luxembourg on Wednesday, enabling the bonds to be priced flat to the issuer’s curve. That illustrating the strength of demand in what one lead manager described as a “hot” market.

The Republic of Hungary won a €7.25bn order book on its debut in green bond markets on Tuesday, printing a €1.5bn trade.

Mitsubishi UFJ Financial Group (MUFG) has become the second bank to issue a Covid-19 bond in the euro market following the example set by BBVA in May.

Banks are taking a greater share of issuance in the bond markets in the middle of the second quarter, with a spread rally opening the way to deals in all currencies and across the capital structure.

Renault, the French car company, has arranged an up to €5bn short-term credit facility backed by its government, as fierce complaints have followed similar guarantees in other industries.

Nordea has made extensive use of Nordic currency covered bond markets through the coronavirus crisis and, as spreads have stabilised, has selectively issued senior preferred deals across a broad range of other FX. The bank says it has plenty of time to meet its regulatory funding needs and has no imminent plans to issue subordinated debt given the recent relaxation of capital requirements.

Indonesian telecommunications company Tiphone Mobile is restructuring its debt after failing to make payments on an offshore borrowing in March.

Hongkong Electric skipped a roadshow for its return to the dollar bond market after a four-year hiatus, relying on its rarity value and the defensive nature of the utilities sector to raise $500m.

Casino developer Sands China paid no new issue premium for its $1.5bn bond on Tuesday, despite the effects of the Covid-19 pandemic on the gaming industry.

Cambricon Technologies Corp is one step closer to debuting on China’s technology-focused Star Board, having received the go-ahead from the bourse in just over two months.