Banks

US companies Amphenol Technologies and Air Products and Chemicals have mandated banks for euro bond issues, as bankers expect Reverse Yankee issuance to rise after a spell of record-breaking volume in the dollar market.

Spreads in the financial institutions bond market have sprung back to more ‘normal’ levels lately, but issuers may have to wait a little while longer before capitalising on the improvement in conditions, given that many of them are side-lined by earnings blackouts.

Deutsche Bank’s additional tier ones surged higher in value this week, after the German lender reassured the market with positive guidance on its first quarter earnings.

Adani Electricity Mumbai has decided to close its debut offshore borrowing as a club deal with eight banks, bringing an end to long-running discussions about a possible syndication.

Indonesia’s Sarana Multi Infrastruktur (SMI) has mandated five banks for a planned $500m refinancing loan. But bankers on the deal warn the terms could change due to uncertain market conditions.

Property management company Central China New Life carried out accelerated pre-marketing for its Hong Kong IPO this week, said a source close to the deal.

Chinese property developer Times China Holdings used support from reverse enquiry to seal a quick $200m bond on Monday morning that has raised questions about the unusual execution style.

Rating: Aa1/AA/AA

The coronavirus pandemic is shaking up the competitive landscape in capital markets, as some firms find it harder to commit to deals — but there are winners, too, and one of the most notable cases is BNP Paribas’s presence in the syndicated loan market.

Bpifrance became the first French issuer to sell a Covid-19 response bond on Friday, raising €1.5bn.

Citigroup has made Stefan Hafke chief country officer in Germany for good, after he took the job on an interim basis earlier this year.

Swedbank was paying less than fair value for a new euro senior deal on Friday, according to market participants, with the bank raising funding a day after publishing its first quarter results.