Banks

Malaysian poultry producer Leong Hup International (LHI) has filed the prospectus for its coming IPO of up to MR1.2bn ($290m).

Mercedes-Benz Auto Finance pulled off its biggest auto loan ABS deal to date on Tuesday at its tightest price since 2017, despite a last minute regulatory probe into the originator. But the apparent success owed plenty to the lead underwriters’ co-ordinated efforts to keep the issuer happy and the primacy of credit ratings to international buyers, writes Rebecca Feng.

ARA Group has begun bookbuilding for its ARA US Hospitality Trust (ARA US) listing on the Singapore Stock Exchange. The deal represents the spin-off of US-based Hyatt branded hotels.

China Construction Bank sold a Rmb10.25bn ($1.53bn) four-tranche RMBS on Tuesday with an international rating.

Chinese plastic surgery social network So-Young International hit the road for its Nasdaq listing this week, eyeing proceeds of up to $179.4m.

More evidence of the strength of demand from Swiss retail investors for attractive coupons was provided last week when Luzerner Kantonalbank (LuKB) priced an additional tier one (AT1) transaction shortly before the Easter break. Led by LuKB and ZKB (sole structurer), and priced at a coupon of 1.8%, this non-call 6.5 year deal raised Sfr250m.

Crédit Agricole turned to the Singapore dollar market on Wednesday to sell its latest subordinated transaction, marking the French bank’s first bond sale in the currency.

Xinyuan Real Estate Co tapped its existing 2021 notes on Wednesday, adding $100m to the bonds.

Suntec Real Estate Investment Trust (Reit) on Tuesday priced a placement of new units, increasing the size of the deal to raise S$200m ($147m).

A tough quarter scuppered Goldman Sachs's strategic update but the bank places deeds before words and is already well advanced in its new strategy, writes David Rothnie

Despite the roadshows crowding high yield bond markets this week, Netflix could not help but draw most attention from investors. Its $2.2bn-equivalent euro and dollar issue on Wednesday was increased and is said to have been three times covered. While the company has $10bn of capital market debt outstanding already, it owes more than $27bn long term to its content providers.

Credit Suisse was first off the blocks among big European investment banks in releasing its first quarter results on Wednesday. While trading revenue was strong, underwriting and advisory revenues disappointed, compared with US peers.