Deutsche Bank

Metropolitan Life landed a good price on its return to the Aussie dollar market on Thursday, thanks to tightening spreads and a scarcity of high rated financial paper.

The People’s Republic of China returned to the European market on Wednesday, part of its plan to make euro bond outings an annual exercise. The €4bn transaction was a blow-out, with the order book well oversubscribed — and one of the three tranches achieving the sovereign’s first negative yield. Morgan Davis reports.

Ford is set to pull into the Swiss franc bond market after a 19 year absence, having appointed a trio of banks to commence investor calls ahead of a potential deal.

Italy’s BPER Banca was more than three times subscribed for a small tier two deal on Wednesday, as sub-benchmark transactions prove more popular than usual in the euro market.

Central China Real Estate paid up for its $300m return to the bond market on Tuesday, navigating weaker investor sentiment to get its deal over the finish line.

As investors sought gold and silver as a hedge against inflation and uncertainty, investment banks with the capabilities to act in these markets benefitted. Some made more than $100m in precious metals in the third quarter, according to Coalition Greenwich.

A pair of smaller names were tempted into the euro market on Tuesday, after Monday’s news that scientists have developed another successful vaccine for Covid-19 led to a further improvement of market conditions.

Deutsche Bank and HSBC Holdings were targeting the dollar market with new loss-absorbing senior deals on Tuesday, having each raised debt in euros earlier this month.

The People’s Republic of China is planning a comeback to the euro bond market this week, one month after selling its first dollar trade in the US.

Klépierre, the French shopping centre operator, and UPM–Kymmene, the Finnish paper company, were two of a handful of names to receive raucous receptions from the bond market this week. Issuers benefited as a wave of market-friendly news turned the focus in Europe’s high grade bond market back to a risk on mode.

Financial institutions jumped into action this week, as positive news on the development of a Covid-19 vaccine led to superlative funding conditions in the euro market.

Allianz drew attention to an overlooked corner of the insurance bond market this week, when it became the first household name to sell a restricted tier one (RT1) deal. The arrangers think the roaring success of the transaction will help the asset class to attract a much more mainstream following.