Citi

Banks are leading a revival in ECM business in India, with Yes Bank gunning for $2bn this week. There are also signs of activity in the country’s moribund IPO market, writes Jonathan Breen.

Huge capital markets revenues helped US banks stack up more provisions against loan losses in the second quarter, as they prepare to weather the economic impact of the coronavirus pandemic. But analysts warn that firms will not be able to repeat this trick in the second half of 2020, with trading and underwriting returns likely to climb down from their peaks.

Greenland Holding Group Co met its $650m size target for a bond on Wednesday, pairing the dual-tranche outing with a tender offer for its maturing notes.

Troubled lender Yes Bank has hit the market with an issue of fresh equity, with the deal covered at the open by pre-launch demand, according to bankers close to the trade.

The Inter-American Investment Corporation (IDB Invest) raised $1bn with a three year bond on Tuesday, while the Japan International Cooperation Agency tested the water with a 10 year dollar transaction, opening up an opportunity for the Province of Alberta to follow suit.

The Emirate of Sharjah launched its debut Formosa bond on Tuesday. Experts say the format is gaining more interest from emerging market issuers looking to diversify, while investors beyond the traditional Taiwanese buyers are also taking an interest in the market.

Bank Rakyat Indonesia has opened a $1bn loan into general syndication with a group of 10 lenders at the helm.

A veteran Citi banker who had been with the US firm for nearly two decades has joined CMB International Singapore.

Following investor calls last Friday, two public sector borrowers hit the market for new dollar bonds on Monday, with IDB Invest going for a three year maturity and the Japan International Cooperation Agency making a rare appearance for a 10 year trade.

The Emirate of Sharjah has mandated banks for a dollar Formosa bond. Some say the market is becoming an increasingly popular one for emerging market issuers to tap.

Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has filed preliminary IPO documents with India’s securities regulator for a listing.

Thai oil and gas company PTT Public Co sold the first 50 year bond from an Asian corporation on Thursday, raising $700m from a tightly-priced deal.