JP Morgan

Royal Bank of Scotland has become the first European bank to issue subordinated debt in more than two months. It took advantage of strong demand in the sterling market this week, with investors confident that the UK lender will be well placed to withstand the economic impact of the coronavirus pandemic.

Kingsoft Cloud Holdings is on the road with its up to $450m Nasdaq IPO. Thanks to strong pre-launch demand, it is running a quick three-day bookbuild, according to a source close to the deal.

LondonMetric Property, the UK real estate development company, has completed a £120m ($149m) capital raising to fund the acquisition of new properties as part of its pivot into urban logistics.

Helaba and OP Corporate Bank each took a plunge into the preferred senior bond market on Tuesday, with spreads in the asset class having outperformed other bank funding products in recent weeks.

A bevy of high grade corporate bonds hit screens on Tuesday, as Europe’s syndicate bankers said that “no one cares” about the German Constitutional Court verdict throwing into question the Bundesbank's ability to take part in the eurozone's quantitative easing.

Kingsoft Cloud Holdings is looking to raise $450m from its Nasdaq IPO, finalising the listing terms on Monday.

GlaxoSmithKline, the UK pharmaceutical company, launched a three tranche bond issue on Monday. Its sterling curve was trading so flat that it started with the same spread on the long eight and 15 year tranches.

QBE sold $500m of additional tier one debt in the dollar market this week, as it sought to shield itself from the financial impact of the coronavirus pandemic.

Banco Santander and Rabobank led senior bond supply in Europe this week, both issuing well-received non-preferred deals while Crédit Mutuel Arkéa went for the preferred format. National champions and other strong banks are lining up to issue while market conditions are conducive for deals, but lesser credits remain on the sidelines.

The European Investment Bank and the Region of Madrid stood out in the public sector bond market this week, with the former achieving its biggest ever order book for a euro benchmark.

Pension Insurance Corp was almost 12 times subscribed for a new tier two capital bond on Thursday, after following some of its UK peers into the sterling market amid a busy pipeline for new pension risk transfer deals.

Rabobank has become the first Dutch bank to enter the credit markets in over two months, after launching a non-preferred senior bond on Wednesday. The issuer tacked on a call option, which bankers say are cheap to deliver in the market at the moment.