UBS
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Luzerner Kantonalbank has mandated for its first tier two bond in almost a decade, coming ahead of a subordinated debt redemption later this year. -
Switzerland's cantonal banks enjoyed an open window this week thanks to Pfandbriefzentrale's extended stint away from the market. Elsewhere, the Canton of Zurich was able to harness the lack of sub-sovereign supply to land at an aggressive level versus govvies.
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Demand for BPCE's latest Kangaroo note was skewed towards the preferred senior format this week, with non-preferred paper only making up A$125m ($96.0m) of the A$750m deal. The French firm was also joined in the market by Rabobank, which sold its first Aussie deal after an almost two year absence.
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Rabobank sold the first euro additional tier one (AT1) bond in almost six weeks on Tuesday, landing the deal at a record low coupon in euros for the format.
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BPCE and Rabobank are in the market for Aussie dollar senior paper, with bankers expecting a busy April as a slew of financial issuers refinance maturing bonds.
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UBS has hired Bryan Kuo as a director on its debt capital markets syndicate team.
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Commercial Bank of Qatar kicked off the second quarter with its first Swiss deal of the year. It was joined by New York Life, which raised Sfr475m as it benefited from its two triple-A ratings.
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Chinese electric vehicle manufacturer Li Auto has raised $750m from its debut convertible bond, pricing the deal at the investor-friendly end of the marketed range.
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Chinese electric vehicle maker Li Auto has launched its debut convertible bond, aiming to raise $750m amid a rebound in US stock markets.
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Chinese property developer Logan Group Co has returned to the dollar bond for the second time this year. It was forced to navigate a much more difficult market this time – and ended up paying around 20bp over fair value.
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IDFC First Bank raised Rp30bn ($409m) this week from a larger than expected sale of primary shares.
