Banks

Intesa Sanpaolo caught the market by surprise when it launched a takeover bid for UBI Banca on Monday night. The announcement sent credit and equity valuations surging higher, with investors pinning their hopes on consolidation in the Italian banking sector.

Riyad Bank has tightened price guidance on its 10 year non-call five tier two bond, with order books at over $4.8bn for the note.

Gazprom has released initial price guidance for a 10 year dollar benchmark at 3.625% area. A US investor said the deal was a “buy”.

The Islamic Development Bank is returning to the international sukuk market for a five year Reg S dollar benchmark.

JP Morgan has appointed veteran bankers to lead corporate banking divisions in China and Asia Pacific and for its cash management and wholesale payments franchise.

Trans Retail Indonesia has caused a stir by deciding to structure its new syndicated loan with a relatively rare two-stage participation fee payment. Although not all banks will be wholeheartedly on board, the borrower’s move is savvy under the circumstances.

China Aoyuan Group and China Huarong Financial Leasing Co this week raised a combined $388m from bonds that will mature in less than one year, taking advantage of a regulatory loophole to tap the market with short-dated deals.

Industrial and Commercial Bank of China turned to the Australian debt market on Monday to raise A$500m ($336m) through its Sydney branch.

Independent television producer China Bright Culture Group has launched pre-deal investor education for its Hong Kong IPO, according to a source familiar with the matter.

HSBC’s new strategic plan involves numerous changes to its investment banking division, including shifting resources to Asia and the Middle East, reducing the scale of many operations in the European markets business, and combining product functions with commercial banking.

Citigroup has picked Miguel Gabian to be head of its Spain and Portugal markets franchises.

Ninety One, the asset management division of Investec, has announced its intention to float on the London Stock Exchange, formally launching what is likely to be one of the largest UK IPOs this quarter.