JP Morgan

Hipgnosis Songs Fund, the London-listed investment trust focused on music royalties, has returned to the equity capital markets with a new £250m share sale after rapidly deploying the proceeds of its last capital raising in July.

The Australian Office of Financial Management (AOFM) has announced that it will syndicate a new six year deal next week – marking the first time the sovereign has sold more than three syndications in a single fiscal year.

Sustainability-linked bonds took a full year to get going after Enel, the Italian power and gas company, introduced the structure in September 2019. But they are now gathering pace. This week Novartis, the Swiss pharmaceutical company, printed a deal, just a week after Suzano, the Brazilian pulp and paper group, had become the second issuer.

Delta Air Lines raised $6bn this week, joining the September stampede by companies to plug their bank accounts and lock in cheap funding.

Guarantor: Federal Republic of Germany

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Banks and insurance companies were falling over one another to issue green bonds this week, with deal arrangers seeing ESG labels as near infallible ways of bringing pricing through fair value, write Tyler Davies and David Freitas.

Caisse d’Amortissement de la Dette Sociale (Cades) and the International Development Association set new size records this week, with the former bringing the biggest ever social bond in dollars and the latter issuing its biggest ever bond since entering the capital markets in 2018.

Rentenbank made an impressive entry to the green benchmark bond market this week with its biggest ever order book in euros by overall size and number of accounts. Head of funding Leopold Olma, who has spent 20 years with the German development agency’s funding team, called it the “ultimate transaction”.

The Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB), two new supranational borrowers focused on the emerging markets, are preparing to issue new dollar bonds to support their member states in the fight against the pandemic.