Wells Fargo Securities

How risky is it to lend money to a coal-fired power plant or an oil company? OK for another five years, perhaps — but how much longer can they carry on in the face of climate change? So far, banks have largely ducked questions like these. But from next year, more and more of them will be giving some kind of answer in their annual reports.

US corporate bond bankers are hoping for a busy start to the month for the dollar new issue market as companies emerge from earnings blackouts to bring some big M&A trades.

Comcast, the US’s largest cable company, has made a formal £22bn debt-financed takeover offer for Sky, seemingly ending 21st Century Fox’s attempts to buy the part of the company it does not already own.

Metallurgical Corporation of China and BOC Aviation found strong investor support for their bonds on Monday, with the former bagging Asia’s first senior perpetual bond in more than a month and the latter walking away with an over six times covered transaction.

After strong first quarter results and in a receptive high yield market, online streaming service Netflix announced a new $1.5bn 10.5 year senior unsecured bond on Monday to finance new content for the platform, eventually walking away with $1.9bn.

BOC Aviation, Metallurgical Corporation of China (MCC) and Bumi Serpong Damai were the first out of the gates on Monday morning with their new bond deals, as the Asian debt market prepares for an onslaught of supply.

Philippine National Bank, a rare credit in the offshore bond market, raised $300m from a new transaction on Thursday. But despite the novelty value of its deal, investors still demanded a new issue premium.

European high yield bond issuers roadshowed for seven lower rated new offerings this week, leaving behind the quiet of the post-Easter recess. What followed was a vigorous tug of war over pricing and terms in which bankers and investors claimed different victories.

Peking University Founder Group Co, BOC Aviation and Yuexiu Property Co are meeting investors for their upcoming bond plans, while China National Chemical Corp’s Swiss subsidiary Syngenta is also gearing up for a mega deal.

General Mills put the investment grade corporate dollar market back on a more positive course this week with a tightly priced trade that paved the way for a rebound in supply.

High-grade dollar bond supply continued to flow with a flurry of smaller deals this week but bankers see little to cheer about as a disappointing first quarter drew to a close.

Kuwait’s Burgan Bank has signed a $350m loan with a club of seven relationship banks to refinance borrowing done in 2015.