Banks

Helaba and OP Corporate Bank each took a plunge into the preferred senior bond market on Tuesday, with spreads in the asset class having outperformed other bank funding products in recent weeks.

Qatar National Bank issued its third bond of the year on Tuesday, pulling in $3.5bn of orders by the time it released guidance for a five year deal that affirmed the market access for the top tier names in emerging markets.

HSBC Canada is set to become the third Canadian bank to issue a dollar covered bond this year, mandating leads for a three year transaction on Tuesday. Given a strong secondary market performance, HSBC Canada should be able to price its deal a lot tighter than its predecessors.

BNP Paribas blamed European authorities’ restrictions on 2019 dividend payments for losing it €184m in its equities business, when it released its first quarter results on Tuesday. However, in debt capital markets and fixed income, currencies and commodities (FICC) it was a more positive picture, as the bank took advantage of a surge in debt origination and electronic trading.

A bevy of high grade corporate bonds hit screens on Tuesday, as Europe’s syndicate bankers said that “no one cares” about the German Constitutional Court verdict throwing into question the Bundesbank's ability to take part in the eurozone's quantitative easing.

Richard Aby has been made markets head for Central and Eastern Europe, the Middle East and Africa at Citi.

Kingsoft Cloud Holdings is looking to raise $450m from its Nasdaq IPO, finalising the listing terms on Monday.

Deutsche Bank has named Alexander von zur Mühlen as the chief executive officer for Asia Pacific and a member of the management board.

Mainland-based Peijia Medical is set to be the third healthcare company to list in Hong Kong since the coronavirus outbreak in late January, opening books on Tuesday for a HK$2.34bn ($302m) IPO.

The Danish Financial Services Authority is softening its application of the minimum requirements for own funds and eligible liabilities (MREL) amid Covid-19, meaning the country’s largest banks could end up issuing half as much senior debt this year as might have been expected.

GlaxoSmithKline, the UK pharmaceutical company, launched a three tranche bond issue on Monday. Its sterling curve was trading so flat that it started with the same spread on the long eight and 15 year tranches.

QBE sold $500m of additional tier one debt in the dollar market this week, as it sought to shield itself from the financial impact of the coronavirus pandemic.