Banks

Wells Fargo was set to raise €3bn of senior debt in the euro market on Friday, becoming the first US bank to visit the currency following first quarter results.

Legal & General and Phoenix Group Holdings have lifted the lid on subordinated bond supply in the sterling market this week, with spreads having drawn tighter despite uncertainty about the impact of the coronavirus pandemic.

A slide in euro and dollar MTN volumes has given Scandinavian banks the chance to propel themselves up the MTN leader board.

Chinese software company Kingsoft Corp bagged HK$3.1bn ($399.9m) on Thursday from a five year convertible bond. It was the first equity-linked trade in Hong Kong since the coronavirus outbreak in January.

Credit Suisse has been hit hard by the alleged accounting scandal at Nasdaq-listed Luckin Coffee, which is understood to be behind one of the largest loans covered in the bank’s loan loss provisions for the first quarter of 2020.

PSA International, a Singaporean port operator, raised $650m from a 10 year bond that appealed to investors because of its strong credentials.

Kookmin Bank has become the first issuer from South Korea to sell an international public bond to combat the fallout of the Covid-19 pandemic. While virus-response deals are still just a tiny part of Asia’s debt market, bankers say it is set to grow.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has closed its maiden borrowing at a bigger size of $500m, after receiving strong response during syndication.

Shandong Qingyuan Group Co, a Chinese manufacturer and distributor of petrochemical products, is in talks with lenders to delay payment on a $1bn loan sealed last September as volatile oil prices take a toll on the company’s business.

Khazanah Nasional's sell-down in Malaysian electricity company, Tenaga Nasional, and Serba Dinamik Holdings' primary share placement both received a big thumbs-up from investors on Thursday, allowing them to boost the deal sizes.

Chinese retailer Wumei Technology Group has raised a loan of over €1bn to support its acquisition of German company Metro’s Mainland business.

SEB is creating a new sustainable finance unit to broaden its offering across the whole bank, and is building a team including country heads — the first of which is Lars Eibeholm, who will join the bank from the Nordic Investment Bank in the summer.