HSBC

Novartis, the Swiss pharmaceutical company, is set to join the nascent sustainability-linked bond market this week after mandating banks for a trade and investors will have another chance to pick up crossover rated debt in a deal from forklift truck maker Kion Group.

French agency Cades and the International Development Association returned to the dollar market for the first time since the summer break on Tuesday to bring a pair of five year socially responsible deals.

Munich Re was able to attract €5.7bn of orders for a new tier two on Tuesday, its first in green format. The issuer printed the deal through fair value using the momentum gained through the books.

HSBC Holdings is issuing a new senior bond while offering to buy back some of its existing securities, less a month after completing a very similar liability management exercise in the dollar market.

Bonds sold on Monday by Chinese conglomerate Dalian Wanda Group Co and property developer Logan Group Co have underperformed in the secondary market.

Two Gulf bank issuers — Qatar National Bank and Gulf International Bank — hit bond markets on Tuesday to raise dollar funds, following what has been a busy period for Middle Eastern issuers. With investor appetite remains ravenous and market conditions healthy, there is scope for further issuance.

French agency Cades will debut its social bond framework in dollars on Tuesday, less than a week after it raised the largest ever bond in the format with its inaugural issue in euros. It will share the market with the International Development Association (IDA), which is preparing to kick off its 2020/21 funding year with a sustainable development benchmark of its own.

Burberry, the UK fashion house, was bang on trend on Monday with its debut bond in sterling, showing that rampant demand exists across currencies for sustainability-themed debt.

Coventry Building Society was unable to tighten its pricing for a new senior bond in the sterling market on Monday, as UK credit spreads widened on the back of the latest Brexit developments.

Munich Re and Unipol Group are lining up new green bond transactions for this week, as they look to replicate the success of similar deals and gain a ‘pricing advantage’ in the market.

A senior investment banker has left HSBC to join Bank of America as part of its China leadership team.

PCGI and PCGI Intermediate Holdings (PCGII) are seeking approval from bondholders for a consent solicitation triggered by a corporate restructuring.