Bank of America

Battling a host of problems — local and global — Latin American bond markets suffered a torrid 2018. Many issuers stayed away, high yielders struggled to find financing and investors booked losses. With more volatility expected, political developments in LatAm’s three largest economies could make or break the region’s bond markets in 2019. Oliver West reports.

Mergers and acquisitions in Europe are back. But what loans bankers have long hoped would be great news for their businesses is in most cases turning out to be a far less lucrative development, as companies increasingly turn to smaller banking groups to finance their acquisition plans. By Michael Turner.

Shanghai Henlius Biotech has joined a growing pipeline of biotechnology firms planning to float in Hong Kong. It wants to list in the first quarter of 2019, said a banker working on the transaction.

Shanghai Junshi Biosciences has raised HK$3.08bn ($394.2m) after pricing its IPO at the bottom of the range, according to a banker on the deal.

Tencent Music Entertainment Group (TME) gave investors a year-end treat this week with 2018’s last billion-dollar IPO from an Asian issuer. It was paid back with a near 8% jump in its stock price on the first day of trading. But to succeed the firm had to cut its fundraising target and get realistic on pricing. Jonathan Breen reports.

Chinese sportswear company Anta Sports Products is in talks with its six-strong bank group, mulling the syndication strategy for a €2.2bn five year loan to support the acquisition of Finland’s Amer Sports Oyj.

Due to the lack of new issuance for over a week in the European corporate bond markets, the vote of no confidence in UK prime minister Theresa May was the talk of both the buy and sell sides on Wednesday morning. But there has been little effect on the market itself so far where political developments in other European states are more of a concern.

Tencent Music Entertainment Group (TME) has nabbed $1.1bn from its IPO on the New York Stock Exchange, guiding investors toward the bottom of the price range amid choppy markets.

Anta Sports Products has mandated six banks for a €2.2bn loan to back the €4.6bn acquisition of Finnish sports brand Amer Sports Oyj.

Issuer rating: A2/A

At least three high-grade borrowers in the US bond market stood down on Thursday as supply windows snapped shut and scotched hopes of a final flurry of supply before year end.

German business software company SAP used its rarity value when it printed a €1.5bn triple tranche deal in March. However, that strategy may no longer be possible, after it sold the largest ever corporate bond priced in December to help fund its recently announced €8bn cash acquisition of experience management software provider Qualtrics.