Bank of America

US-listed Chinese companies have raised more than $12bn from equity investors in the past month, with iQiyi becoming the latest to simultaneously sell a convertible bond and price a follow-on offering of its American depositary shares. With valuations soaring for many of these stocks, bankers expect more issuers to jump into the market in 2021, writes Jonathan Breen.

Embassy Office Parks Real Estate Investment Trust has has raised Rp36.84bn ($500.9m) from an issue of new stock, according to a source close to the deal.

Chinese streaming platform iQiyi has kicked off a combined convertible bond and follow-on offering that could raise around $1.7bn.

InterContinental Hotels Group has negotiated a waiver and relaxation on its loan covenants for the second time in 2020, as its leverage threatens to plunge its rating into junk territory.

European corporate borrowers glided through their curves this week. With the European Central Bank hitting easing expectations after its meeting on Thursday, syndicate bankers are expecting more deals on screens despite the time of year.

The battle for the UK security firm G4S is entering its final phase, with initial hostile suitor GardaWorld potentially upping its offer after Allied Universal said it had agreed to buy the target company for £3.8bn.

China’s Xiaopeng Motors, an electric vehicle (EV) maker, leveraged on a big boost in interest in new energy stocks from investors to raise $2.16bn from a follow-on offering of its American Depositary Shares. Jonathan Breen reports.

Chinese detergent maker Blue Moon Group has raised HK$9.8bn ($1.27bn) from its Hong Kong IPO, which saw a strong turnout from global and local investors.

Aroundtown, the Luxembourg-listed real estate company, maintained the trend for negative premiums in December’s buzzing corporate bond market, but syndicate bankers say that any disappointment from the European Central Bank when it meets tomorrow could slam the issuance window shut.

Chinese electric vehicle manufacturer Xpeng is selling a chunk of new American Depository Shares (ADS) to fund research and development and further expansion.

Harbour Biomed has pocketed HK$1.71bn ($220.8m) by pricing its IPO just above the mid point of the marketed range.

Dada Nexus, which operates on-demand retail and delivery platforms in China, raised $450m this week after selling a chunk of new equity.