Citi

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.

Ontario Teachers’ Finance Trust (OTFT) is preparing to issue its inaugural green bond under its new framework aligned to the International Capital Market Association’s Green Bond Principles.

Deal arrangers expect banks will take advantage of a positive tone in the euro market by bringing forward their plans for non-preferred senior issuance, following in the footsteps of CaixaBank and ING Groep on Tuesday.

German insurer Allianz was met with a wall of demand for its debut restricted tier one (RT1) bond this week — a deal that could play an important role in the development of the asset class.

Hamburg Commercial Bank will no longer proceed with its planned tier two bond, having already attempted twice this year to bring one to the market. Its focus is now turning to issuing senior non-preferred and additional tier one (AT1) paper.

Gland Pharma, a subsidiary of Chinese conglomerate Shanghai Fosun Pharmaceutical Group, has started bookbuilding for its Indian IPO, set to be the largest pharmaceutical listing in the country.

The European Financial Stability Facility made a quick and impressive visit to the euro market on Monday, concluding its funding needs for the year, ahead of the European Union’s second outing under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme, which is expected to be priced on Tuesday.