Citi

ABN Amro has ended a three week hiatus in the euro non-preferred senior market, launching a new deal on the back of a strong rally for bank credit spreads.

Turkey’s Garanti Bank has raised a $592.4m-equivalent ESG-linked syndicated loan — the first of its kind signed by a bank. The deal, despite being launched at the beginning of the coronavirus crisis, went successfully, according to bankers, following a string of refinancings by other Turkish banks.

Taiwanese electronic components manufacturer Yageo Corp bagged $180m on Tuesday after boosting the size of a five year zero-coupon convertible bond, according to a source familiar with the matter.

Belgium took advantage of more attractive funding conditions in dollars versus euros and strong demand at the 10 year point of the curve to sell its first dollar bond since 2017 on Tuesday. SSA supply in dollars will continue on Wednesday with the Asian Infrastructure Investment Bank and Nederlandse Waterschapsbank bringing socially responsible deals.

Citigroup has established a new sustainability and corporate transitions group as part of its global banking, capital markets and advisory business.

The high grade corporate bond market saw chunky books on Tuesday, but there are concerns from some corners of the market that primary issuance is showing “serious signs of fatigue”.

Oliver Corstjens has left his position as supranational, sovereign and agency bond syndicate banker at Citigroup, at the same time as its syndicate head for EMEA is also due to leave.

High grade corporates poured into the primary market on Monday, with sentiment noticeably higher as the first trial for a Covid-19 vaccine in the US and easing of lockdown restrictions in Europe cheered markets.

Belgium is set to issue its first dollar bond since 2017 as euro funders continue to take advantage of the attractive funding conditions in the currency, with three other public sector borrowers also in the market for dollars.

JP Morgan, the leading SSA bookrunner over the last five years, is clinging onto pole position for 2020, despite a mighty effort from Citi, which has topped the rankings since the Covid-19 pandemic began disrupting markets in earnest. But it is a far different picture in SSA MTNs with Scandinavians surging to the top, thanks to a growth in niche currency supply.

Intesa Sanpaolo became the first Italian bank to raise funding during the coronavirus pandemic this week. It offered a healthy premium for its five year senior deal, but the bonds have performed very well in the secondary market.

The Province of Ontario raised $1.75bn with a rare seven year dollar benchmark on Thursday. The transaction shared the market with a five year from Japan Finance Organisation for Municipalitities.