UBS

The top investment banks will achieve substantially higher returns on equity this year, predicts analytics firm Coalition, after revenues in fixed income, currencies and commodities (FICC) soared in the first half of the year.

Erste Group Bank kept the tap open on subordinated supply in the euro market this week with a €500m 11-year non-call six deal.

Norilsk Nickel, the Russian metal and mining company which has found itself under heightened scrutiny in recent months after a series of major oil spills, is set to raise a dollar denominated benchmark bond this week. Russian telecom major Veon was also in the market for its second rouble offering in recent months.

Hong Kong property developer Nan Fung International Holdings returned to the market with a $500m fixed-for-life perpetual bond in a bid to manage its liabilities and score lower interest rate for its debt.

Yum China Holdings, a fast food restaurant franchiser, launched the roadshow for its secondary listing in Hong Kong on Monday to strong early momentum from investors.

The offices of London’s top banks are unlikely to fill up in the coming weeks, as firms are adopting a gradualistic approach to returning staff to their pre-pandemic workplaces.

Crédit Agricole’s Swiss subsidiary sold its first structured covered bond in Swiss francs on Wednesday. The bond was issued under a new programme that differentiates it from covered bonds issued by its parent bank under French law in the Swiss market.

FIG bankers say that market conditions are ripe for capital deals, but that issuers are starting to run out of room for more subordinated debt.

Hong Kong property company Hysan Development Co made a quick return to the bond market on Wednesday. It added $200m to a perpetual non-call three year deal priced just last week, thanks to strong follow-up demand.

Australia and New Zealand broke bond syndication records yet again this week, as Australia printed its largest ever deal while New Zealand scooped its largest ever order book with a seven year tap.

Road King Infrastructure found strong support for its high yield dollar deal on Tuesday, gathering $2bn of orders for a $300m transaction.

Intesa Sanpaolo racked up plenty of orders behind an additional tier one (AT1) on Tuesday, showing that investors are hungry for new sources of yield. The deal ended a long pause for sales of subordinated debt in the euro market.