Bank of America

Hutchison China MediTech sparked life into the Hong Kong biotechnology IPO market this week, filing a draft prospectus for a $500m listing with the city’s stock exchange. The globally known name — already listed on two foreign exchanges — is a boost for biotech investors, who have been drip-fed smaller start-ups since Hong Kong allowed pre-revenue companies from the sector to begin listing last year. Jonathan Breen reports.

Nexi, the Italian payments company, has fallen by almost 8% on its first day of trading after its Milan IPO last week. High volume selling at the beginning of the day has hurt the stock.

More banks have joined the acquisition loan for the Triton consortium’s buy-out of UK-based satellite tech provider Inmarsat, ahead of Tuesday’s deadline to make a firm offer for the company.

South Korea’s Shinhan Bank sold Asia’s first dollar-denominated UN Sustainable Development Goals-linked bond on Monday, raising $400m from the Basel III-compliant tier two deal.

Biopharmaceutical company Hutchison China MediTech (Chi-Med) is planning a Hong Kong IPO of around $500m, having filed a draft prospectus with the city’s stock exchange on Monday.

The sovereigns, supranational and agency market poured into dollars on Monday with two issuers announcing price thoughts for deals and a third potentially due on screens after investor meetings.

Empresa de Transmisión Eléctrica (Etesa), the sole electricity transmission company in Panama with exclusive rights to the network, began investor meetings last Friday as it plots an inaugural international bond.

Bank of America announced a series of leadership changes in Japan and Australia last week.

Sentiment in the dollar corporate bond market remained upbeat this week, even after jumbo deals from Broadcom and Saudi Aramco traded softly.

Ineos, with a split high yield/investment grade rating, announced a drive-by €770m seven year non-call three bond issue on Monday, refinancing its 4% 2023 bond of the same size.

Nexi, the Italian payments firm listing in Milan, is to price its IPO at €9 a share, just off the bottom of its initial price range.

China’s Shenwan Hongyuan Group Co launched its Hong Kong IPO on Thursday, seeking upwards of $1.3bn from the sale.