Banks

The Kingdom of Bahrain has mandated banks to arrange a dual tranche bond transaction that is set to test the depths of Gulf Cooperation Council (GCC) recovery in EM bond markets.

Morgan Stanley Investment Management makes two SRI hires — Citi appoints Aby for CEEMEA markets — Callaghan joins HSBC for UK M&A

Green and sustainable bond and loan financing by companies has slowed as many firms have had to deal with urgent funding needs amid the coronavirus crisis. But three companies crowded into the bond market with green deals on Wednesday, achieving blowout demand — confirming that both issuers and investors remain keenly focused on green finance. Jon Hay and Mariam Meskin report.

Natixis’s corporate and investment bank slumped to a loss in the first quarter, results showed on Wednesday, as it provisioned for credit losses and took a similar hit in equities to its French peers.

Issuers are starting to feel more comfortable with the new normal of wider spreads as a flurry of deals dusted the Swiss franc market, including a rare operating-company level visit from UBS.

New issue premiums evaporated in the high grade corporate bond market this week, with multiple issuers printing well through their curve as the world begins to emerge from pandemic lockdown.

Issuance in the financial institutions bond market had a preferred senior flavour this week, with issuers finding this the most cost-effective funding compared with other asset classes. In addition, some of them can use it to fulfil regulatory requirements.

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Instituto de Crédito Oficial (Ico) was almost seven times covered for its four year Covid-19 social bond on Wednesday, as investors continue to support deals to tackle the pandemic. The European Stability Mechanism could follow with a similar maturity next week, after it sent banks a request for proposals (RFP).

World Bank has picked banks for a 10 year dollar benchmark — the first in the SSA market since October 2019. The bond is a sustainable development bond, focusing on the health and well-being UN Sustainable Development Goal.

New issue premiums evaporated in the high grade corporate bond market on Wednesday, with multiple issuers printing well through their curve as the world begins to emerge from pandemic lockdown.

Germany smashed its return to the syndicated bond market on Wednesday with its biggest ever order book and deal in the format, which was priced flat to fair value at the final spread, according to the leads.