Banks

United Hampshire US Real Estate Investment Trust (Reit) has kicked off the roadshow for a $323.6m Singapore IPO on the back of chunky cornerstone investor orders, according to a source familiar with the matter.

CPPIB Capital is moving forward with its five year dollar benchmark which was mandated last Friday but postponed following the hostile market conditions at the start of the week. Bankers away from the deal expect it to go well, given the limited size.

On-looking SSA bankers applauded the European Stability Mechanism’s trade on Tuesday, which managed to get over the line with minimal new issue premium despite sharp moves in the rates market caused by the spread of the Covid-19 coronavirus.

Spain was able to raise €5bn of 30 year paper on Tuesday, braving difficult market conditions to close the deal. While the trade was a success, the sharp fall in the order book at the final spread indicated some investors are beginning to push back on price.

Adani Group, the Indian conglomerate founded by Gautam Adani, is considering a non-deal roadshow to Schuldschein investors, as Western private debt markets gain ground with companies in Asia.

Tradition’s rates trading platform, Trad-X, has signed up Commerzbank and DekaBank to its new dealer-to-client central limit order book (Clob) and has 12 more firms in the pipeline.

H Lundbeck, the Danish pharmaceutical company, has mandated banks for a five year debut euro benchmark from its new bond programme, after gaining US regulatory approval for a new migraine treatment.

Ascential, the UK media and events company, scaled back lenders after its £450m-equivalent bank line refinancing was oversubscribed.

Santander UK is looking to buy back part of a subordinated bond issued in 2013 in a bid to “optimise its regulatory capital structure”.

Russian Railways is embarking on a roadshow to market the first ever green Swiss franc bond from Russia, even as fears of the spread of the Covid-19 coronavirus continue to infect EM bond trading.

Russian nickel and palladium producer Norilsk Nickel has refinanced an existing facility and in the process has increased the size of the deal and shaved the margins. According to bank lenders, the deal is one of many expected to enter the market by Russian borrowers seeking to obtain more attractive terms amid a drought in activity.

Standard Chartered’s global head of leveraged finance and structured solutions has left the bank, according to a source close to the situation.