Citi

US banks this week reported stellar returns from trading and underwriting in the first quarter, even as the bottom line was hit by gigantic writedowns and reserves for credit losses, as the economic and financial disruption from the coronavirus crisis took its toll.

Saudi Arabia followed neighbours Abu Dhabi and Qatar to the international bond markets on Wednesday, achieving a $7bn deal that was nearly eight times subscribed.

World Bank made the most of the recovery in market conditions to print the largest ever SSA dollar benchmark on Wednesday, raising $8bn.

South Korean energy company SK E&S has launched a block sale of up to HK$11.8bn ($1.52bn) in China Gas Holdings, according to a term sheet seen by GlobalCapital Asia.

Petroliam Nasional (Petronas) stunned the bond market this week with a $6bn deal that received $37bn of orders at its peak. The Malaysian oil and gas company had to navigate volatile oil prices, a ratings outlook change and the Covid-19 pandemic, writes Morgan Davis.

US banks ramped up reserves for credit losses, expanded credit lines and enjoyed bumper trading and debt underwriting volumes in the first quarter, according to results released on Tuesday and Wednesday.

Greece did not attract the huge reception from investors that it has grown used to over the last few years, despite paying a considerable new issue premium and being eligible for the European Central Bank’s Pandemic Emergency Purchase Programme (PEPP).

High grade corporate bond investors piled into new deals again on Wednesday, with American Honda paying a lower than average new issue premium and Givaudan taking almost €18bn of orders for a dual tranche trade.

The Carlyle Group has raised Rp7.6bn ($100m) after selling most of its stake in Indian diagnostic laboratory chain Metropolis Healthcare, according to a source close to the deal.

Malaysian oil and gas company Petroliam Nasional (Petronas) made its mark on the dollar bond market on Tuesday, raising $6bn from a deal that received orders of $37bn at its peak. This was despite a ratings outlook change to negative this week and headwinds from the Covid-19 pandemic and volatile oil prices.

Yageo Corp, a Taiwan-based electronic components manufacturer, has raised $650m from an issue of global depositary shares (GDS), boosting the final offer size on strong institutional investor demand.

Greece is looking to become the latest eurozone sovereign to sell a seven year syndicated bond, after mandating banks on Tuesday for the transaction.