Scotiabank

Delta Air Lines raised $6bn this week, joining the September stampede by companies to plug their bank accounts and lock in cheap funding.

Bank of China took yet another step this week to build China’s sustainability market by selling Asia’s first blue bond to benefit ocean-related projects — opening the door for similar deals from the region. Morgan Davis reports.

Bank of China printed Asia’s first blue bond on Monday, with plans to use the roughly $940m raised to benefit ocean-related sustainability projects.

Bank of China rolled out a dual-currency blue bond on Monday, making it the first borrower in Asia to market a marine sustainability transaction.

A trio of European SSAs raised a combined $6bn with five year dollar benchmarks this week. Kommunalbanken, the European Stability Mechanism and Nordic Investment Bank all hit a “very deep pocket” of demand in the tenor.

The European Investment Bank will re-open the euro public sector bond new issue market for the last funding period of the year. Further issuers are expected to appear this week, trying to get in before the European Union’s giant borrowing programme begins.

Casino developer Wynn Macau has made a rapid return to the bond market for an $850m deal, riding on an uplift in sentiment following the slow easing of travel restrictions to the Asian gambling hub.

The Inter-American Development Bank (IADB) broke the silence in the SSA market with a Canadian dollar sustainable development bond. The deal shared the market with a dollar trade from Kommuninvest, with both issuers steering clear of the almost dormant euro market.

Inter-American Development Bank will come to market for a Canadian dollar sustainable development bond on Thursday. The trade will share the market with a two year from Kommuninvest.

UBS Group opened books on new additional tier one (AT1) on Wednesday, as it looked to hoover up demand from yield-starved investors in the Reg S dollar market.

Hotel and casino operator Wynn Macau followed its gaming peers into the dollar bond market last Friday, but weaker market sentiment meant the borrower failed to tighten guidance on its $750m deal.

The World Bank returned to the Canadian dollar on Wednesday with a new C$1.5bn ($1.11bn) sustainable development bond, as movements in the cross currency basis swap, as well as the spread to Canadian Mortgage Bonds (CMBs), allowed the supranational to print the largest SSA Maple deal since last July.