Citi
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Citigroup has made Stefan Hafke chief country officer in Germany for good, after he took the job on an interim basis earlier this year. -
Kookmin Bank has become the first issuer from South Korea to sell an international public bond to combat the fallout of the Covid-19 pandemic. While virus-response deals are still just a tiny part of Asia’s debt market, bankers say it is set to grow.
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April is set to be the second busiest month ever in the US corporate bond market (after March), as companies pile up funding to build up their financial resilience to Covid-19, despite continuing volatility and waves of bad news.
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A trio of Wall Street heavyweights tapped the dollar market in size this week, with investors pouring cash into new deals.
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Triple-B rated fragrance and flavourings company Firmenich sold its debut bond this week, a short end Swissie deal that was the prelude to dual tranche euro trade.
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IDB Invest, the private sector arm of the Inter-American Development Bank, took advantage of the strong momentum in the dollar public sector bond market to sell its biggest ever trade on Thursday.
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The corporate bond market has returned to some semblance of normality, with Switzerland’s Firmenich and Australia’s APA Group taking the traditional route of holding a roadshow before opening books, and syndicate bankers say the wild, record-breaking weeks for primary issuance are over for now.
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The Republic of Hungary made a jumbo return to euro markets on Thursday with its first hard currency trade since 2018. Bankers expect more trades from both the sovereign and its neighbours.
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Hansoh Pharmaceutical Group, a China-based drug maker, pocketed HK$3.49bn ($450m) from a larger-than-planned issue of primary shares this week.
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Two supranationals will take to the market on Thursday to raise money for their socially responsible investment programmes. Inter-American Investment Corporation will raise dollars for its Covid-19 response bond, while Nordic Investment Bank is coming to market for a euro environmental bond. The transactions will share the market with Bank of England’s annual dollar deal.
