Banks

Flutter Entertainment, the parent of bookies Paddy Power and Betfair, has sold £812m of new shares to institutional investors to reduce debt and position itself for further growth once sporting events around the world are allowed to resume and its retail stores are permitted to reopen.

The Inter-American Development Bank has bumped up its 2020 funding programme by almost a quarter to fund its response to the coronavirus pandemic.

Iberdrola attracted robust demand for a €249m tap of its outstanding equity neutral convertible bonds due in 2022.

Poland’s mBank has announced a tender offer for a maximum of €400m of its bonds, as it seeks to manage its MREL requirements.

Features in UK covered bond programmes offer limited protection and could lead to a delay in the classification of defaulted loans, Moody’s said this week. Meanwhile in Europe, regulators have muddied the waters on payment moratoria legislation.

The UK Debt Management Office has announced the timing and the banks for its upcoming syndication next month, as it continues to plough through its unprecedented borrowing programme.

The Asian Infrastructure Investment Bank has hired banks for a renminbi sustainable development bond, its first outing in the Panda market.

More borrowers navigated Covid-19 related pressure and rising US-China tensions to raise funds from the dollar bond market on Thursday.

South Korean firm Big Hit Entertainment, manager of popular K-pop boy band BTS, has applied for a preliminary review of its IPO with the Korea Exchange.

Geely Automobile Holdings has tapped the equity market for the first time for 11 years, raising HK$6.48bn ($836m) from an overnight share sale.

Neoen, the French solar and wind energy producer, has issued the first green convertible bond in Europe — and investors’ eager reception of the deal suggests these instruments could be as popular in the equity-linked market as they have become in the straight bond market.

BBVA surprised market participants by becoming the first bank to issue a Covid-19 response bond in Europe this week. There will be follow-on deals as the format catches on in credit markets — high grade corporates are looking to do deals too — but it is unlikely to be exploited as widely as it has been in the SSA market. David Freitas and Mike Turner report.