Banks

Haitong UniTrust International Leasing Corp has finally begun bookbuilding for an IPO, more than two years after it first announced plans to list on the Hong Kong Stock Exchange.

JP Morgan’s private equity arm has bagged W390.7bn ($327.5m) after selling a chunk of shares in South Korean firm Celltrion Healthcare, according to a source close to the deal.

Xinyi Energy Holdings has come through tough market conditions to finalise its Hong Kong IPO, pricing the deal towards the bottom of the guidance range.

Gran Tierra Energy, the Canada-listed oil and gas company that mostly operates in Colombia, ventured into bond markets for the second time on Monday to sell $300m of debt at a pick-up to its existing notes.

Denmark is likely to become the next European member state to scrap its policy of allowing the interest payments on deeply subordinated capital instruments to be tax deductible. The move comes after the European Commission voiced its concern that the practice could constitute a breach of state aid rules.

Marel, the Icelandic meat processing machinery maker, has announced its intention to seek an additional listing on Euronext Amsterdam before the summer, as it aims to tap into growing global demand for meat products.

World Bank mandated banks on Monday for its first three year dollar benchmark since 2017.

The treasury head for one of Europe’s largest capital markets borrowers, Germany’s KfW, said last week that primary markets syndicates ‘know less about the markets than 10 years ago’, leading to bankers being more conservative about where to price bond issues than in the past.

The Spanish region of Andalusia has sold three long dated bonds in the last week, marking its return to the MTN market after a six year absence.

Tokyo Metropolitan Government and Kommuninvest released initial price thoughts on dollar trades on Monday, as investor demand in the currency remains high despite a run of deals last week.

Tennet, the Dutch electricity transmission company and frequent green bond issuer, returned to the public bond market on Monday, after nearly a year away. It offered benchmark 11 and 20 year euro tranches.

JP Morgan has raised €400m by issuing a cash-settled bond, exchangeable into shares of Siemens, at an extremely aggressive price level. The purpose of the deal is not clear.