JP Morgan

A trio of SSA borrowers hit the market for dollar paper this week, testing the waters across the curve and finding investors receptive. Although the top tier names are mostly well funded, demand is still hot for the extra yield offered by the second layer of SSA borrowers.

Huge capital markets revenues helped US banks stack up more provisions against loan losses in the second quarter, as they prepare to weather the economic impact of the coronavirus pandemic. But analysts warn that firms will not be able to repeat this trick in the second half of 2020, with trading and underwriting returns likely to climb down from their peaks.

Krylyo Shevchenko, the chairman of state-run Ukrgasbank, has been selected as the new governor of the National Bank of Ukraine (NBU) after weeks of deliberation. The choice has elicited a mixed reaction from market spectators, some of whom hope that Ukraine can salvage its international debt market access and IMF funding. Mariam Meskin and Ross Lancaster report.

Atlantica Sustainable Infrastructure, the New York-listed Spanish infrastructure company focused on renewable energy assets, is the latest company to sell a green convertible bond.

Market participants said that de Volksbank was close to sailing through fair value with the pricing on its new tier two on Wednesday, the first such deal in green format from a European bank.

Electricity Supply Board, the Irish utility, tapped its June 2030s on Wednesday, with the borrower one of a handful of credits taking advantage of sharply positive sentiment on the back of a potential coronavirus vaccine breakthrough.

Chinese online travel company Trip.com Group has bagged $500m from its debut tap of the equity-linked market.

The Inter-American Investment Corporation (IDB Invest) raised $1bn with a three year bond on Tuesday, while the Japan International Cooperation Agency tested the water with a 10 year dollar transaction, opening up an opportunity for the Province of Alberta to follow suit.

Carnival Corp, the largest cruise line in the world — badly stricken by the impact of coronavirus on its business — raised €425m and $775m of 5.5 year bonds on Wednesday, which will be subordinated to the $6.25bn of bank loans and senior secured bonds it issued in June and April respectively.

Demand for Australia and New Zealand’s first syndications of their 2020-21 fiscal year was high on Tuesday, with both issuers printing their second largest ever deals.

De Volksbank is set to become the first European bank to issue tier two capital in a green bond format.

The Emirate of Sharjah launched its debut Formosa bond on Tuesday. Experts say the format is gaining more interest from emerging market issuers looking to diversify, while investors beyond the traditional Taiwanese buyers are also taking an interest in the market.