Barclays

Royal Bank of Canada was able to raise £400m of senior funding as though it was on 'autopilot' in the sterling market this week. It is the third Canadian issuer in a month to seek funding in this currency counting as total loss-absorbing capacity (TLAC).

Landesbank Baden-Württemberg (LBBW) met investors this week to discuss a debut sale of additional tier one (AT1) bonds. Changes in regulation are prompting issuers to seek new deals in the asset class to optimise their capital layers.

Banco BPM extended the run of recent Italian bank bond supply this week, launching a preferred senior bond. The deal was launched at 200bp over mid-swaps and did not offer a new issue premium to investors, according to a banker on the deal.

Bank of America became the first big US bank to emerge from third quarter earnings blackout and tap the dollar bond market this week.

E.On and Engie pushed ahead with tightly priced deals on Thursday, easing concerns from earlier in the week that ZF Freidrichshafen’s widely priced bonds would create a new level for issuance.

Chinese real estate company Kaisa Group Holdings chose to go down the 144A route for its latest bond, raising $400m from a deal that hit the higher end of its size expectations. But bankers say it is unlikely many issuers will follow suit. Addison Gong reports.

Chinese real estate company Kaisa Group Holdings chose to go down the 144A route for its latest bond, raising $400m from a deal that hit the higher end of its size expectations.

India oil refining and petrochemical company HPCL-Mittal Energy found support for its $300m bond sale on Tuesday, after offering investors a generous premium.

Germany’s Deutsche Bahn printed a €2bn dual tranche hybrid trade on Monday, with bankers off the deal heaping accolades on the borrower.

Running in parallel with the rapid growth of the green bond market have been the numerous labels for these bonds. But the abundance of green labels risks confusing investors and diluting an important vehicle to finance projects to clean up the planet.

Argenta Spaarbank and Sumitomo Mitsui Financial Group were both marketing senior bonds on Tuesday, making use of the favourable backdrop in the primary market. While Sumitomo was quick to build demand for its bond, Argenta struggled to gather enough demand volume to move the spread from price thoughts.

High grade corporate borrowers were quick out of the traps on Monday, cramming in before the blackout period to raise around €5bn-equivalent of bond funding from order books many multiples of that.