Citi
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China Youran Dairy Group and Carsgen Therapeutics Holdings have both rolled out their Hong Kong IPOs. -
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Industrial Bank has sold a dual-currency deal through its Hong Kong branch, becoming the first Chinese lender to print an offshore ‘carbon neutrality bond’. It relied heavily on support from a 42-member syndicate team, as well as its relative rarity in the international debt market, to nab around $922m.
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Financial institutions returned to the dollar in their droves after the memorial Day holiday, with 12 borrowers cramming more than $15bn of issuance into three days this week.
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Europe’s corporate bond market has seen an influx of ESG deals from highly polluting sectors, testing how much environmentally and socially conscious investors buy into firms' transition stories.
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Two SSA borrowers sold dollar paper on Thursday. Council of Europe Development Bank achieving the tightest spread to mid-swaps from a public sector borrower this year, breaking a record equalled earlier this week by Asian Development Bank. At the other end of the curve, Inter-American Development Bank made its debut at the 10 year maturity with a deal linked to the Secured Overnight Financing Rate (Sofr).
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E-House (China) Enterprise Holdings tapped its 7.6% 2023 bonds for an additional $100m on Wednesday, bringing the total deal size to $300m.
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Citi has hired Chuck Adams from Goldman Sachs to oversee a newly formed investment banking unit combining the traditional healthcare sector with consumer and retail coverage.
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The Council of Europe Development bank will come to market on Thursday for a $500m no-grow social inclusion bond maturing in June 2024.
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Santander has hired Abraham Douek from Citi to lead its coverage of financial institution and SSA clients within debt capital markets.
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Mamoura Diversified Global Holding sold a dual tranche dollar bond featuring a Formosa tranche on Thursday. Formosa bonds have been gaining traction among Middle East issuers as they seek to tap into Asian investor demand.
