ING

UniCredit is only the second Italian bank to have accessed public primary bond markets during the coronavirus pandemic, but other lenders from the periphery of the eurozone are now lining up to bring deals of their own.

ABN Amro and Commerzbank have proven that the additional tier one (AT1) market is wide open for business, after they clocked up more than €17bn of combined demand for their two new deals on Monday.

The Asian Development Bank sold the first ever Mongolian togrog denominated bond this week, funding a local dairy farm project in the country.

Standard Chartered sold its first capital instrument in euros since 2014 this week, clocking up a considerable 40bp saving versus the dollar market. The deal adds to a recent flurry of tier two supply from European banks.

ING has hired former European Credit Management portfolio manager Chris Telfer for high yield credit trading, focused on autos and paper and packaging names.

Europe’s investment grade companies added to the workload of a rejuvenated but busy green bond market on Wednesday with deals from Alliander and Prologis. But debt bankers believe that, after weeks of emergency funding in response to the coronavirus pandemic, the coming weeks should bring the return of more run-of-the-mill trades.

The Republic of Hungary won a €7.25bn order book on its debut in green bond markets on Tuesday, printing a €1.5bn trade.

OP Corporate Bank and Standard Chartered were looking to add to a flurry of recent tier two issuance on Tuesday. The asset class has found itself in a sweet spot in terms of its regulatory and financial value during the coronavirus pandemic.

The Republic of Hungary made a swift return to bond markets on Tuesday, selling its debut green bond deal just over a month after a €2bn dual tranche trade.

Uralkali, the Russian potash fertiliser producer, signed a $665m pre-export facility (PXF) with a consortium of international banks, as lenders say that Russian borrowers seeking funding are finding pricing remains the main point of contention with lenders.

Deal arrangers said on Monday that banks would not be dissuaded from bringing new bond deals to the market, though spread levels have started showing their first signs of weakness following an extraordinarily strong month in May.

Features in UK covered bond programmes offer limited protection and could lead to a delay in the classification of defaulted loans, Moody’s said this week. Meanwhile in Europe, regulators have muddied the waters on payment moratoria legislation.