Credit Suisse

Unrated Swiss private railway operator Rhätische Bahn, owner of the UNESCO World Heritage-listed Bernina railway, made its second stop in the Swiss franc bond market this week, four years after its debut deal.

The huge demand seen for ThyssenKrupp Elevator’s buyout financing, the largest bridge loan left on banks’ books through the Covid-19 crisis, should reassure credit committees and capital markets operators that the LBO market is wide open again, for the right business. Owen Sanderson reports.

Europe’s high grade market finally found a solid footing on Thursday after days of scrabbling for purchase, with the biggest trades of the day landing flat or through fair value.

SoftBank’s repackaged €900m Argentum bonds exchangeable into Wirecard shares are to be liquidated immediately after the German payments company filed for insolvency in June, having disclosed €1.9bn of cash was missing from its balance sheet. This will offer investors a way out or a seat at the table for the looming bankruptcy proceedings.

Sparebanken Vest Boligkreditt did not need to offer any premium to investors to complete its debut sale of green covered bonds on Wednesday. The deal adds to a recent flurry of socially responsible investments, which are offering financial issuers very competitive terms.

Property managers Greentown Management Holdings and Zhenro Services Group launched bookbuilding on Monday for Hong Kong Stock Exchange IPOs.

Bank of China sold its first ever bond out of its Djibouti branch on Monday, as Chinese issuers pour into capital markets to make up for time lost to the coronavirus pandemic.

Cambodian casino company NagaCorp sold a new dollar bond – and only the second from the country – this week, raising $350m.

China Aoyuan Group used up the last of its debt issuance quota this week to raise $460m from the bond market.

European banks jumped into the US dollar market this week, with some issuers clocking up huge savings in the currency versus what their home markets could offer.

Pharmaceutical manufacturer Ferring launched its first public bond on Thursday. The sector's prominent role during the coronavirus pandemic helped to drive up demand.

The Covid-19 outbreak has spurred at least one change for the better. Five banks have established dedicated ESG teams since the start of the pandemic to meet demand from clients committed to being more conscientious, writes David Rothnie.