Banks

Chinese internet giants JD.com and NetEase are targeting mid-June to launch their respective Hong Kong listings, according to sources familiar with the matter.

A quartet of SSAs borrowed a combined A$940m ($613.4m) into the Kangaroo market this week, spurring the SSA Aussie dollar market on to its best monthly volume in over nine months.

Lloyds Banking Group has become the latest financial institution to extend the life of an additional tier one capital instrument (AT1), after arguing on Friday that it would be "uneconomic" for it to refinance its €750m 6.375% notes amid the stress of the coronavirus pandemic.

The Asian Infrastructure Investment Bank returned to the primary market for its second ever benchmark this week, raising $3bn close to fair value and debuting its new sustainable development bond branding.

Lloyds Bank decided to tender some of its covered bonds in three major currencies this week in what it called a “prudent approach” towards its liquidity base. The move could prompt more issuance in the asset class this year in an effort to refinance some of the tendered securities, but it could also decrease liquidity at the short end of the curve, given the cheaper refinancing alternatives open to banks.

Barclays has made Paul Leech and Todd Sandoz interim co-heads of global equities, after Fater Belbachir was hired by Citi.

Sweden’s Volvo Car, a car maker, has become the latest company under pressure from the coronavirus pandemic to sign a state-guaranteed loan, as bankers say that state support is essential to secure commercial bank loans for the worst affected sectors.

Bank of East Asia (BEA) sold the first Basel III compliant tier two dollar bond in Asia since the global outbreak of Covid-19. It raised $600m on the back of a book that was more than 8.5 times oversubscribed at its peak.

Two Singaporean companies, GuocoLand and Manulife US Real Estate Investment Trust, raised green loans this week.

A group of lenders is targeting the family assets of Luckin Coffee chairman Lu Zhengyao to regain losses from more than $500m in margin loans.

Malaysian sovereign wealth fund Khazanah Nasional has pocketed MR735.7m ($168.6m) from the sale of a stake in Telekom Malaysia, after boosting the size of the trade.

A series of comeback trades has established firm demand for every debt class in the bank bond market. With credit spreads moving another leg tighter this week, issuers must now consider whether they have a precious opportunity to wheel out their riskiest transactions with the coronavirus pandemic still threatening society and capital markets. Tyler Davies reports.