Commerzbank

Bank of China hit Asia's debt market hard on Tuesday, unleashing a huge deal spanning four currencies and six tranches. The $3.1bn-equivalent deal was designed to make a statement to the market that it should not forget China’s Belt and Road initiative, DCM bankers said. Morgan Davis and Addison Gong report.

Bank of China launched its multi-currency, multi-tranche transaction on Tuesday morning, as Citic Securities also opened books for two tranches of dollar notes.

Bank of China, CCB Life Insurance and Citic Securities kicked off investor meetings and calls this week, in pursuit of Reg S deals.

Deutsche Bank has successfully completed its fourth capital raising since the financial crisis, as investors backed CEO John Cryan's turnround plan with a 98.9% take-up rate.

Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany

FMS Wertmanagement took advantage of the dearth of supply in short dated euro paper to score an extremely tight price for its €1.5bn November 2020 benchmark on Thursday.

Swiss steelmaker Schmolz + Bickenbach opened the euro high yield market on Monday with a sub-benchmark sized deal, extending March’s stream of opportunistic refinancing deals.

FMS Wertmanagement has picked four banks for a short end euro transaction, making the most of the reopening of an area of the curve that has hosted very little public sector issuance in the past year.

Just two working days after shares in “New Abengoa” began trading, the Spanish engineering and construction sector was hit on Monday by another credit risk crisis — Isolux Corsán has until July to find €400m to avoid insolvency.

Ahalia — Asahi — Cory Riverside

Cory Riverside Energy, the UK waste management and energy firm, has signed a £520m loan restructuring package, after divesting three of its four businesses since Strategic Value Partners took control of it in 2015.

S&P Global Ratings raised German banks’ additional loss-absorbing capacity (ALAC) ratios this week, after changing its ratings approach in light of Germany’s decision to subordinate certain senior debt instruments in resolution.