HSBC

Banca Monte dei Paschi di Siena led a trio of speculative grade Italian banks into the euro bond market this week, as credit investors showed that no issuers were off limit in their increasingly desperate search for yield. Tyler Davies reports.

Volkswagen International Finance “aggressively” priced through its secondary curve when it issued a €500m medium term note on Tuesday.

Sub-investment grade Italian lenders Banco BPM and Illimity Bank were well-supported in the euro bond market on Thursday, as investors showed they were more than happy to look at riskier names in their search for yield.

Germany’s Volkswagen ended an absence of almost seven years from the offshore renminbi bond market this week, braving a year-end dip in liquidity to seal a Rmb1bn ($153m) deal. It offered yet another diversification opportunity for the carmaker, which is already a well-established name in China’s onshore securitization market. Addison Gong reports.

Hong Kong property company New World Development Co used a fixed-for-life perpetual structure to net $700m on Wednesday.

Investors took a long-term view on Hong Kong Airport Authority’s $1.5bn perpetual bond on Tuesday, shrugging off any Covid-19 related travel concerns to place $14.5bn of orders. Morgan Davis reports.

IWG, the London-listed operator of serviced offices and co-working spaces, has issued a £350m convertible bond as it prepares to take advantage of opportunities as the UK economy reopens after lockdown.

Chinese property developer Longfor Group Holdings tapped equity investors for HK$4.7bn ($606.3m) through a top-up placement on Tuesday.

Hong Kong's Airport Authority proved that Covid-19 related travel worries are of little concern for its dollar bond investors. The issuer attracted a final order book of $14.5bn for its $1.5bn dual-tranche deal on Tuesday.

Four Chinese borrowers hit the dollar bond market on Tuesday, raising $745m between them.

Kommunalbanken, the financing agency for Norwegian municipalities, and L–Bank, the development bank for the State of Baden–Württemberg, built well covered order books as they brought what will likely be the SSA market’s final dollar benchmark deals of 2020.

Top tier Turkish lender VakifBank was in the market on Tuesday for its debut sustainable dollar bond, which market participants say is likely to gain strong demand from a wide investor base.