Citi

KfW finished off this year’s funding programme with a €2bn green bond tap on Thursday, bringing the outstanding to €6bn and making it the largest ever non-sovereign green bond line.

Chinese property management firm Sunac Services has priced its Hong Kong IPO at the middle of guidance, bagging HK$8bn ($1.03bn), according to a source close to the deal.

Government-backed Chinese issuers Shandong Hi-Speed Group Co, Wuhan Trading Group and a local government financing vehicle from Xi’an ventured to the offshore dollar bond market on Thursday. They raised a combined $880m.

South Korea-based ESR Kendall Square is set to launch a W357.3bn ($320.3m) IPO for its real estate investment trust (Reit).

Chinese dairy products manufacturer Inner Mongolia Yili Industrial Group Co made its inaugural appearance in the offshore bond market on Thursday. Huaxin Cement Co also printed its first dollar deal.

Allianz drew attention to an overlooked corner of the insurance bond market this week, when it became the first household name to sell a restricted tier one (RT1) deal. The arrangers think the roaring success of the transaction will help the asset class to attract a much more mainstream following.

Adidas, the German sportswear company, has signed a €1.5bn loan to replace an emergency facility from KfW signed during the worst of the coronavirus pandemic. It has raised €3bn of debt since taking the crisis loan.

The clamour for green bonds was on display in the corporate market on Thursday when UPM-Kymmene, the Finnish pulp and paper company, had its debut green issue more than six times oversubscribed, while a conventional bond for Swedish truck maker Scania found more modest demand.

Italy held a series of investor calls on Thursday in preparation for a trip to the dollar bond market. Italy returned to the currency last year after almost a decade away, and announced that it intends to access the market every year.

The Russian Federation and the Republic of Hungary brought euro-denominated trades on Thursday, taking the opportunity to get funding done during good conditions in the run-up to the US Thanksgiving holiday, after which liquidity is expected to dry up.

Gland Pharma has completed India’s largest pharmaceutical IPO, a Rp65bn ($870.6m) deal that sailed through on demand from institutional accounts. But the issuer’s Chinese ties and a wobble in pharma stocks blunted retail investor interest. Jonathan Breen reports.

US banks have fared well in the Financial Stability Board’s latest assessment of firms' systemic importance, with JP Morgan no longer standing out as the riskiest bank in the world.