Bank of America

China’s Waterdrop, a health insurance and healthcare crowdfunding platform, has opened the book for an up to $360m New York Stock Exchange IPO.

Issuers piled into Europe’s high grade corporate market on Wednesday but the deal flow had slowed to a dribble by Thursday with many issuers still on earnings blackouts. Investors showed less enthusiasm for the deals that came at the tightest spreads.

Issuers piled into Europe’s high grade corporate market on Wednesday but investor responses were mixed when it came to the deals at the tightest spreads.

Blackstone Property Partners Europe Holdings, a real estate investor, got enough demand for its bonds this week for it to price the debt flat to its curve and increase the size of the deal from expectations, as high grade corporate investors betrayed no sign of indigestion despite the recent deluge of debt issuance from the sector.

Chinese health insurance and healthcare crowdfunding platform Waterdrop has kicked off pre-deal investor education for its US listing, according to a source close to the IPO.

Europe’s corporate bond market hosted a debut sustainability-linked bond and two multi-part trades this week, despite overall issuance winding down as earnings season gets under way.

Aeroporti di Roma made its debut in the sustainability-linked bond market on Thursday, with a structure that allows for several shades of performance, rather than the simple flat rate 25bp coupon step-up usually used.

Iberdrola, the Spanish utility, and Clarion Housing, the UK housing association, became the latest companies to sign loans using risk-free rates instead of Libor, as more deals are signing that ditch the scandal-ridden benchmark from day one.

Iberdrola, the Spanish utility, has signed a €2.5bn sustainability-linked loan, becoming the first Spanish company to use risk-free rates as a benchmark instead of Libor.

Meituan, a Chinese food delivery company, raised $10bn this week from a combined equity placement and convertible bond issue. Investors flocked to the deal for the investment grade rating and the offer of a highly liquid and volatile stock. Jonathan Breen reports.

Chinese financial technology platform Futu Holdings has raised $1.24bn from a follow-on offering of its American depository shares (ADS). The issuer was able to navigate volatile markets thanks to support from a large global fund.

The controlling shareholder of Anta Sports Products has offloaded some of its stake through a HK$11.57bn ($1.49bn) block trade, capitalising on recent gains in the sportswear company’s stock.