Banks

BMW returned to the Panda bond market on Wednesday, raising Rmb3.5bn ($509m) from a privately-placed deal. The shortest tranche got plenty of demand from local investors, helped by flush short-term liquidity.

Vietnam Prosperity Joint Stock Commercial Bank (VPBank), a private sector lender, raised $300m from its international bond debut this week. The deal was helped by the scarcity of supply from Vietnam, but finding the right price proved a challenge for those on and off the deal.

Budweiser Brewing Co Apac was set to price its multi-billion-dollar Hong Kong IPO at the bottom of guidance on Thursday, according to a banker on the deal.

Deutsche Bank’s staff were dealt a crushing blow this week when it announced a full exit from the equities business and 18,000 job cuts globally. In Asia, the move has led to the equities capital markets unit all but disappearing. Jonathan Breen reports.

United Laboratories launches HK$1bn loan — Goshawk seeks $500m in Asia — West China Cement returns for $150m — Wolong debuts in euros — Jingneng Clean Energy pays up for comeback

Indonesian state-owned Perusahaan Listrik Negara (PLN) sold $1.4bn of bonds this week, split equally between 10 year and 30 year tranches, pricing both slightly inside fair value.

DP World has updated price guidance for its new 10 year benchmark sukuk and $200m tap of its 2048s, with order books already a healthy size for both deals.

Melco Resorts & Entertainment, a Macau casino operator, returned to the dollar bond market on Wednesday, selling $600m of eight year bonds just a few months after a $500m issue in April.

Société Générale attracted strong demand for its inaugural green Obligations de Financement de l’Habitat on Monday. The green covered bond put the French issuer at the “forefront of positive transformation” and “sets a standard”, said a spokesperson.

CVC Capital Partners’ sale of UK warranty provider Domestic & General explored public markets but found a better bid from another CVC fund teaming up with Abu Dhabi Investment Authority. The company announced on Wednesday that it would pay a final dividend to the old CVC fund, as part of an all-bond refinancing of its capital structure ahead of a transfer to the new owners.

UBS has created a new global team focused on private capital markets, giving it more exposure to a rapidly growing area of finance, as companies go public later in their life cycles and the amount of institutional and private money dedicated to private equity has grown and become more sophisticated.

Fiona Gallagher has left her position as global head of security services and chief country officer for Ireland at Deutsche Bank and will become CEO for Wells Fargo Bank International Unlimited Company (WFBI).