UBS

Four covered bonds issuers raised almost €6bn between them at the long end of the curve this week, suggesting borrowers are prioritising tougher, longer duration deals. And while conditions permit some are issuing in the largest size possible.

China Aoyuan Property Group raised $250m in the first bond issuance from Asia ex-Japan this year, with investors flocking to the deal and driving the order book to a 10 times subscription.

Syndication of the acquisition financing loans for Lonza and Sibanye Gold is expected to begin soon, as loans bankers begin 2017 in an optimistic mood.

ABN Amro issued its third 15 year covered bond in three years on Wednesday and, in a surprise late addition, tacked on a sub-benchmark 20 year.

BDO Unibank has fixed the terms for its Ps60bn ($1.2bn) rights issue, marking a rare — and large — appearance in ECM from the Philippine lender.

Real estate company China Aoyuan Property Group has become the first issuer in Asia ex-Japan to launch a dollar bond in 2017, marketing a three year on Wednesday.

In the looking-glass world of Swiss franc bonds, unrated companies and Austrian banks have issued at negative yields, writes Silas Brown. Starved of return, Swiss investors will look at a broader range of foreign and even high yield paper than ever before.

Equity investors have something new to believe in: fiscal largesse in the US kickstarting global growth. That’s good news for the many companies and banks with capital to raise in 2017 — the trouble is, markets are likely to be as volatile as Donald Trump’s temper. By Jon Hay, additional reporting by Aidan Gregory

Alfa-Bank defied low pre-Christmas liquidity levels to print a $300m increase of its AT1 that was sold to a greater proportion of international investors than the original October print, according to a lead banker.

Russia’s Alfa-Bank is planning a tap of its additional tier one securities and will open books on Tuesday this week, according to the leads. As the deal was sold mostly to Russian domestic investors, there are not the usual concerns about pre-Christmas liquidity.

Indian conglomerate Reliance Group is the latest to file for an infrastructure investment trust listing, announcing plans to raise Rp30bn ($442m).

Unicaja Banco sold a €192m block of shares in Iberdrola, the Spanish electricity company, on Thursday night, in an accelerated bookbuild led by UBS.