Currencies
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Commerzbank has hired Jason Ho as its Hong Kong-based head of Greater China primary bonds, to strengthen its debt underwriting franchise in Asia and in China. -
Philippine brandy making company Emperador has closed a €405m borrowing with 13 lenders in the syndicate.
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It is hard to think of a more suitable candidate to have opened the Swiss franc market for additional tier one (AT1) issuance to foreign borrowers than Munchener Hypothekenbank (MunHyp). With a loan book in Switzerland of just over Sfr5bn ($5.01bn), the Munich-based mortgage bank is one of the few international borrowers with a natural funding requirement in Swiss francs, which is why it has been a prolific issuer in the currency over the past year.
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Italy printed an €800m 20 year inflation linked private placement on Thursday, satisfying demand from a single investor.
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Chorus, New Zealand’s largest fixed line telecoms business, launched a €300m no-grow seven year bond on Thursday — the only corporate euro issue of the day.
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Zhejiang Geely Holding Group, a Chinese developer and seller of vehicles, has closed its third offshore loan of the year, raising €400m from a group of eight lenders.
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The Netherlands has announced a new policy framework for its funding programme over the next six years in which it will extend the average maturity of its debt and swap portfolio to lock in low rates for a longer period of time.
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes as we approach the end of November.
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Pfandbriefzentrale issued its largest ever bond this week, a Sfr1.386bn ($1.398bn) triple-tranche deal that included a Sfr980m 12 year tranche that was itself the largest single issue in the Swiss franc bond market this year.
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In its first visit to the capital markets, VisionFund International, a subsidiary of World Vision, the Christian mission focussed children’s charity and non-profit organisation, accessed a competitive method of funding that will help it “to penetrate deeper into rural areas” and benefit those in greatest need.
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