Banks

Australia smashed its syndication record with a bumper A$19bn ($12.2bn) bond issue that attracted A$53.5bn of orders on Wednesday, while New Zealand set a record of its own as it upped its 2020-21 borrowing programme to NZ$60bn ($35.8bn).

Rating: Aa3/AA-/AA-

Unédic and NRW.Bank are planning to issue their first ever social bonds. The proceeds of Unédic's bond will go towards providing support for the French state unemployment package.

Wincanton, the UK logistics company, has added a £40m short term tranche to an existing revolving credit facility, as the coronavirus pandemic has slashed parts of the company’s revenue streams by 70%.

Bank of Ireland this week issued the first additional tier one (AT1) capital instrument since the start of the coronavirus pandemic, minimising the execution risk by borrowing from the ECM playbook and wall-crossing the deal ahead of launch.

Indonesian palm oil producer Perkebunan Nusantara III (PTPN) is seeking consent from banks to delay payments on a dollar loan, given expectations of a hit to its business because of the Covid-19 pandemic. But bankers told GlobalCapital Asia this week that the state-owned company has enough cash to make the payments, with the syndicate team set to reject its deferral request. Pan Yue reports.

Euro area banks are expected to make use of the relaxation of their Pillar 2 capital requirements by issuing more capital instruments in the coming months, following the example set by Deutsche Bank this week.

Zhongsheng Group Holdings tapped the equity-linked market for HK$4.56bn ($588.4m) this week to repurchase an outstanding convertible bond. The firm found strong demand from the usual sets of investors but also got new names looking for defensive opportunities. Jonathan Breen reports.

Dada Nexus, an operator of Chinese on-demand retail and delivery platforms, and Legend Biotech Corp both set the ball rolling for Nasdaq IPOs this week.

REC became the first Indian issuer in two months to hit the international bond market this week, raising $500m. The power company managed to navigate cumbersome restrictions for its deal, but other potential issuers from the country will find the path much more challenging, writes Morgan Davis.

Fitch cut the ratings of four Italian banks this week, triggering underperformance in the market and pushing some non-preferred senior bonds into speculative grade territory.

Deutsche Bank has hired Kamran Khan to head its environmental, social and governance efforts in Asia Pacific.