Citi

The record-breaking pace of US corporate bond issuance shows no sign of abating as more than 20 issuers from across the ratings spectrum dashed out of earnings to issue this week, amid red-hot funding conditions.

Morgan Stanley Investment Management makes two SRI hires — Citi appoints Aby for CEEMEA markets — Callaghan joins HSBC for UK M&A

New issue premiums evaporated in the high grade corporate bond market on Wednesday, with multiple issuers printing well through their curve as the world begins to emerge from pandemic lockdown.

Citigroup is determined to emerge as a winner from the Covid-19 crisis and conquer the summit of global investment banking, in the face of any pull to concentrate more on home markets, writes David Rothnie.

High grade bond investors had a plethora of trades to pick from on Wednesday, as corporate bankers say May is shaping up to be a breakneck month for issuance.

Even as sovereign restructuring and debt relief top the agenda for emerging markets bond buyers, investors are showing faith in the top names in the asset class. Tuesday was Chile’s turn; the sovereign breezed its way through two currencies, notching a negative new issue premium in dollars and becoming the first non-European sovereign to issue in euros since the Covid-19 crisis began.

Richard Aby has been made markets head for Central and Eastern Europe, the Middle East and Africa at Citi.

QBE sold $500m of additional tier one debt in the dollar market this week, as it sought to shield itself from the financial impact of the coronavirus pandemic.

Citi has promoted Prosenjit Saha as head of loan sales for Asia Pacific, a newly created position at the bank.

Citi has made two senior appointments to its corporate banking business in Asia Pacific.

Luxshare Precision, a Chinese designer of cable assemblies, has launched a $500m loan into syndication, hiking up the margin on offer due to changing market conditions caused by Covid-19.

The UK Debt Management Office has chosen the banks to lead what will be the first of an unprecedented two syndicated offerings in a single calendar month as it prepares to finance a substantial increase in its borrowing requirements.