HSBC

Europe’s high grade corporate bond issuers had a second tough day running on Thursday, as secondary spreads inched wider and investors proved lukewarm to new issuance.

Financial institutions will have a tough time issuing sustainability-linked bonds (SLBs), according the head of BBVA’s corporate and investment bank, who said at a conference on Thursday that she expected banks to focus more on debt with a dedicated use of proceeds.

Banco de Crédito Social Cooperativo (BCC) was able to increase the size of its latest tier two offering to €600m, after attracting a number of new accounts to a deal that will fund the repurchase of its existing deals in the format.

Viva China Holdings raised HK$3.8bn ($491.4m) by offloading a block of shares in Chinese sportswear manufacturer Li Ning Co this week, while Swiss Re exited New China Life Insurance.

Europe’s corporate bond buyers shied away from riskier deals on Wednesday as equity markets plunged, leaving a junk rated hybrid from SES to limp over the line while other credits fared better.

The FIG market paused on Wednesday to take stock of inflation fears and weaker market sentiment, but a pipeline of issuance is building, including Spain's Banco de Crédito Social Cooperativo (BCC), which has put out a market update after it received disparate indications of interest ahead of its return to the tier two format.

American Tower Corp, the US wireless infrastructure company, printed the biggest euro high grade corporate bond of the day on Tuesday, to finance its expansion into Europe and Latin America.

Ryanair, the Irish budget airline, landed a far more solid bond issue on Tuesday than shopping centre operator Unibail-Rodamco-Westfield had a day earlier, as both companies try to recover in sectors ravaged by the coronavirus pandemic.

Emirates NBD, the biggest bank in Dubai, has mandated banks to arrange an additional tier one (At1) deal. It will follow another bank from emirate, Dubai Islamic Bank, which recently broke records with its own AT1 transaction.

Chinese issuers Redsun Properties Group and Shandong Hi-Speed Group Co have hit the offshore bond market, grabbing a brief issuance window ahead of a public holiday on Wednesday.

Singapore’s food and agri-business Olam has raised a $1bn loan to support its acquisition of US spices and seasoning company Olde Thompson.

A senior China DCM banker from HSBC is taking a new position at CLSA, the international platform of China's Citic Securities.