Banks

UniCredit began the year with a new template for growth but is now simply trying to help support clients through the crisis, while hoping that the deeper relationships being forged will endure, writes David Rothnie.

Genscript Biotech Corp is planning to spin-off and list subsidiary Legend Biotech Corp in a potential $100m Nasdaq IPO. The firm submitted listing documents to the US regulator on Wednesday.

Woolworths reopened the Australian dollar corporate market with a A$1bn ($645m) dual tranche trade on Wednesday, the first from a corporate since the end of February.

The Republic of Finland had to share its return to dollar market on Wednesday with a trio of three year SSA deals. Demand for dollar SSA bonds has been strong this week, and with mandates out for five and seven year deals,issuers are still looking to take advantage

The European Investment Bank inaugurated its sustainability awareness bond (SAB) framework in Australian dollars on Tuesday, while on Wednesday NRW.Bank printed the largest SSA Kangaroo so far this year.

High grade corporate bond investors showed few signs of fatigue on Wednesday, as deals commanded comfortable oversubscription, despite the flurry of issues in recent days.

The UK’s Young & Co’s Brewery, a pub chain, has signed £70m of new loan facilities and has become the latest in a quickly growing list of companies to lean heavily on the Bank of England’s Covid Corporate Financing Facility.

Mamoura Diversified Global Holdings took full advantage of fast-building momentum behind Gulf issuers on Tuesday, when it printed a $4bn triple tranche trade that won $23bn of orders.

Network Homes is looking for US private placements, according to several market sources. The London housing association is the first of its type to return to the market after a string of prospective PPs were suspended during the initial peak of the pandemic crisis. Sources expect these postponed deals to return shortly.

Banks are spying new opportunities with green and social bond funding, with the asset classes having outperformed in the credit markets during the coronavirus crisis.

High grade corporates filled the primary bond market again on Wednesday, with issuance levels this week looking likely to hit almost €20bn on the back of record weekly European Central Bank bond buying.

REC became the first Indian issuer in two months to hit the international bond market, raising $500m on Tuesday. While the deal was a success, it also shed some light on the restrictions and challenges being faced by the country’s issuers amid the Covid-19 pandemic.