Banks

Malaysia's Petroliam Nasional and China's Lenovo Group set the stage for new dollar deals on Tuesday, taking advantage of a rally in Asian bonds and improved investor sentiment despite the growing impact of the Covid-19 coronavirus.

Banco Santander Mexico is hoping to become the first Latin American company to issue internationally in six weeks on Tuesday after speaking to investors on Monday about a potential senior unsecured trade.

BMO Capital Markets lead managed its first ever sterling public sector bond issue this week, with an under the radar tap for Rentenbank.

Rating: Aaa/AAA

German agency L-Bank steamed into the dim sum bond market on Tuesday to print what could be the start of a new flurry of offshore renminbi issuance.

Rating agency Fitch says that the bleak economic outlook has exposed many of Germany’s banks’ weaknesses, prompting it to take action on the ratings of many of them. Deutsche Bank could become one of Europe’s banks most affected by the recession.

After a run of sovereign issuance, emerging market investors got their first taste of corporate paper since the Covid-19 coronavirus crisis struck bond markets.

Official financial lifelines to keep UK companies alive through the coronavirus pandemic are already having a tangible effect. Shares in Redrow, the UK housebuilder, rose 7.5% on Thursday morning after it announced it had been approved to borrow up to £300m from the Bank of England’s commercial paper facility for investment grade companies.

Fashion retailer H&M has signed a €980m revolving credit facility to sit alongside its existing main bank line, as the Swedish company becomes the latest to turn to the bank market to bolster its finances during the coronavirus pandemic.

South Korea's Shinhan Bank raised $500m from a Formosa bond on Wednesday, taking advantage of the strong interest from Taiwanese investors for its transaction. The borrower paid just 20bp in new issue premium.

WeDoctor, a Chinese healthcare app, has added Citi to the syndicate team of its Hong Kong IPO, GlobalCapital Asia understands.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has brought in 21 banks for its debut borrowing in the loan market.