Nomura

Chinese e-commerce company JD.com covered its Hong Kong secondary listing within a few hours of opening bookbuilding late last Friday evening, with orders continuing to pour in on Monday.

Two recent policy changes from the Reserve Bank of Australia (RBA) spurred a pair of foreign banks to scoop A$3.2bn ($2.2bn) from the bond market this week. An expansion of repo-eligibility and a term funding facility for domestic banks have freed up the funds to drive the bumper deals, according to a banker at one of Australia's big four banks.

Norway’s Kommunalbanken returned to the domestic New Zealand dollar market after a two year absence on Wednesday with its largest Kauri deal since its debut.

A pair of foreign banks mandated senior unsecured Australian dollar transactions on Monday: Sumitomo Mitsui Banking Corp is out with initial price thoughts through its Sydney branch, while the Canadian Imperial Bank of Commerce is preparing a Kangaroo benchmark.

The UK Debt Management Office has announced the timing and the banks for its upcoming syndication next month, as it continues to plough through its unprecedented borrowing programme.

BBVA surprised market participants by becoming the first bank to issue a Covid-19 response bond in Europe this week. There will be follow-on deals as the format catches on in credit markets — high grade corporates are looking to do deals too — but it is unlikely to be exploited as widely as it has been in the SSA market. David Freitas and Mike Turner report.

Rating: Aa3/AA

Nomura is eyeing acquisitions and a change in chief executive promises a reboot of its investment banking ambitions, writes David Rothnie.

Bank Nederlandse Gemeenten scored a 10 year dollar benchmark bond on Wednesday — its first at the tenor for four years. A fellow European issuer hit the short end of the dollar curve.

BBVA on Wednesday became the first European financial institution to launch a bond in the euro market to tackle Covid-19, unravelling the appetite for these type of bonds while undergoing a refinancing exercise.

A pair of French banks visited the five year point of the Kangaroo curve on Tuesday. BPCE raised A$650m of senior preferred paper, while BNP Paribas mandated for a senior non-preferred deal.

The New Development Bank is looking to take advantage of the strong demand in dollars by bringing its long-awaited inaugural trade in the currency as part of its response to the coronavirus pandemic.