Banks

Chinese tech giant Tencent Holdings raised $6bn from a four-tranche transaction on Wednesday. The deal, which attracted some $36bn of orders at its peak, proved that global investors are not being scared away from Chinese credits, despite the geopolitical risks clouding the country. Morgan Davis reports.

China is reviving the issuance of its special treasury bonds, a funding tool it has not used since the financial crisis. But bankers were underwhelmed by the Rmb1tr ($140bn) size target — and are also hoping for clarity on how the ‘anti-pandemic’ deal will be financed. Addison Gong reports.

Citic Securities Co made its first dollar bond outing of the year on Wednesday, raising $1bn from a dual-tranche deal.

Nomura is eyeing acquisitions and a change in chief executive promises a reboot of its investment banking ambitions, writes David Rothnie.

Fantasia Holdings Group Co nabbed $300m from a bond sale on Wednesday, making it the latest high yield Chinese property borrower to dip into the offshore market.

Commerzbank and Crédit Agricole this week showed that banks do not have to pay big premiums for subordinated paper, with investors regaining their appetite for risk during the coronavirus pandemic.

Chinese streaming platform Bilibili returned to the equity-linked market on Thursday, kicking off bookbuilding for a $650m convertible bond, according to a source familiar with the matter.

Shandong Hi-Speed Group Co and Taiyuan State-owned Investment Group were among the bond issuers on a relatively busy day for the primary dollar market on Wednesday.

Korea Development Bank raised $1bn from a new bond on Wednesday, marking its third dollar transaction of the year.

Citigroup’s new architecture to make its banking, capital markets and advisory (BCMA) group a fitter competitor in sustainability and ESG issues emphasises two channels of communication, according to Manuel Falcó, co-head of BCMA, through the most senior rainmakers and a cadre of younger enthusiasts.

Commerzbank set up an issuance programme this week that will enable it to sell up to €3bn of additional tier one (AT1) debt. The German lender is preparing to take advantage of regulatory relief in its Pillar 2 capital requirements.

Banks are bounding back into the Kangaroo market. On Wednesday, BNP Paribas jumped in to sell the first syndicated Australian dollar senior non-preferred deal since the start of the Covid-19 crisis, later that day the Bank of Nova Scotia announced plans to join the fray with a mandate for a three year bail-inable deal.