Morgan Stanley

A number of MTN investors are waiting for the result of the US election before committing themselves to the market, meaning next week is set to be a quiet one.

Despite a recent deal surge, investors and issuers are set to pull away from the primary market with just one full week left to go before the US presidential election.

Lufax Holdings, a personal finance services platform, has opened books for its offering of American depositary shares (ADS). It is aiming to raise up to $2.36bn.

Rating: Aaa/AAA

The World Bank sold its second supersized bond of 2020 as it capitalised on a calm market and a lack of competing supply in dollars this week, as well as leaning on the strength of its name, which continues to attract new investors looking to make an impact investment.

Three banks rode out a volatile bond market this week, printing senior deals amid positive sentiment caused by talks making it seem an agreement about a new US Covid-19 stimulus package was closer on Tuesday.

China’s Ant Group kicked off marketing for its Hong Kong and Shanghai dual listing on Thursday, the last stage before launching a possible $35bn IPO, set to be the world’s largest to date. The combined offering is already more than a third covered by onshore investors, with global buyers lining up for the rest. Addison Gong and Jonathan Breen report.

The World Bank blew the cobwebs out of the dollar market on Wednesday, raising $6bn with a five year Sustainable Development Bond.

Iberdrola, the Spanish energy utility, launched a €3bn dual tranche hybrid capital bond on Wednesday, as syndicate bankers say the hunt for yield is encouraging issuers to push boundaries on the amounts they raise in hybrid issues.

Michelin, the French tyre maker, has signed a €2.5bn sustainability-linked revolving credit facility with a three year maturity, as loans bankers say the market has become more nuanced towards maturities since the onset of Covid-19 made many of them tighten terms.

One by one, banks are taking responsibility to help fight climate change, by setting targets to eliminate carbon emissions from their whole financing portfolios by 2050. This will not suffice. Banks must learn a new way of interacting with clients.

Criteria Caixa is sounding out investors for a new seven year unsecured euro bond: its first at this tenor in over five years.