Credit Suisse

One of the lessons from the Credit Suisse spy scandal is that there is a dearth of talent capable of leading Europe’s banks through their most challenging period. A succession crisis looms, writes David Rothnie.

Sri Rejeki Isman (Sritex) sold an opportunistic $225m bond on Wednesday, becoming the first high yield Indonesian issuer in five months. The company offered investors a juicy premium, which was necessary to appease buyers burnt by turmoil around fellow textile company Duniatex.

Chinese property company Ronshine China Holdings brought its 2022 notes to the market again on Wednesday, tapping the 8.75% bonds for a second time and adding $265m to its coffers.

South Korea's Shinhan Bank has taken its first step into the euro bond market, raising €500m of green funding on the back of €650m of demand.

Investors gobbled up Adani Green Energy’s rare Indian project-linked bond on Thursday, seizing the opportunity to buy non-Chinese paper. The company’s transaction was also helped along by its new investment grade rating.

Three Chinese companies joined the queue to list in the US within the past week. Youdao, an online education platform founded by Chinese technology company NetEase, is planning the largest of the IPOs, seeking up to $300m.

Chinese sportswear retailer Topsports International Holdings has raised HK$7.9bn ($1bn) from its IPO on the Hong Kong Stock Exchange, pricing the deal just above the bottom of the marketed range.

Adani Green Energy was out with a 20 year bond on Thursday, giving investors the option to buy a dollar deal from Asia in an otherwise quiet primary market.

Credit Suisse has found one way to deal with low interest rates in Europe: switch into another currency. The Swiss bank has conjured up an extra Sfr250m ($250m) of net interest income (NII) per year from changing how it hedges the capital to meet its operational risk.

Swiss investors’ thirst for yield was quenched in some style at the end of last week, when Russian Railways printed the largest Swiss franc transaction of the year from an emerging market borrower.

Youdao, an online education platform founded by Chinese technology giant NetEase, is planning an IPO of American Depository Shares (ADS), having filed a draft prospectus with the US regulator.

The Ministry of Finance of the Lao PDR is inviting banks to join a €135m five year loan that Credit Suisse pre-funded in June.