HSBC

Two agencies were out with dollar mandates on Monday and more public sector borrowers could follow with deals this week as a rise in US Treasury yields boosts demand for SSA dollar bonds.

Mahindra and Mahindra Financial Services has raised Rp30.9bn ($412.4m) after wrapping up an oversubscribed rights issue.

Spanish telecommunications infrastructure company Cellnex has finished its €4bn rights issue to fund further M&A opportunities, with an extremely high oversubscription.

Yunnan Provincial Energy Investment Group Co added a dash of variety to bond supply from China’s local government financing vehicles, by selling a $300m dual-tranche deal that combined a senior unsecured portion with an unsubordinated perpetual.

The coronavirus crisis has reshaped many aspects of finance, but not the line-up of top investment banks. It does appear to have pressed some firms into sharp decisions, though.

Soaring demand and tight spreads lured repeat borrowers as summer dollar bond supply soared with $34bn of new issuance crammed into four days.

Hong Kong rail operator MTR Corp priced a larger and tighter green bond than expected this week, with investors showing their faith in a company that has been forced to battle protests and the pandemic in the past year. Morgan Davis reports.

Chinese real estate company Cifi Holdings (Group) Co returned to offshore renminbi bonds this week, raising Rmb1.2bn ($172.8m) from the biggest dim sum deal from a corporation in more than a year.

Chinese property developer Yanlord Land Group has increased the size of its latest borrowing to $1.1bn-equivalent after receiving strong response during syndication.

European banks will be subject to some of the Federal Reserve’s highest capital targets, after the US regulator switched to using stress test results as the main input for its requirements.

Akbank, one of Turkey’s largest financial institutions, has raised a green bond, the first of its kind from the country since the Covid-19 pandemic began.

BMW Finance, a subsidiary of German carmaker BMW, sealed a Rmb500m ($72m) three year dim sum bond on Thursday. It was the first publicly sold offshore renminbi trade by a corporation since November last year.