Banks

Shanghai Dongzheng Automotive Finance Co has kicked off the roadshow for its up to HK$3.36bn ($428m) Hong Kong IPO.

David Morton, the former head of corporates, financials and multinational banking (CFMB) at HSBC, has announced his retirement.

China’s Frontage Holdings Corp, which provides support to pharmaceutical companies, has refiled a draft IPO prospectus with Hong Kong’s stock exchange.

Deutsche Telekom became the latest blue chip company to issue a two tranche bond with no new issue concession on Tuesday, making it three deals out of three so far this week that have come without any sweetener for investors, compared with secondary spreads.

Investors were so enthused by an offering in Norilsk Nickel, the Russian nickel and palladium mining and smelting company, on Tuesday night that bookrunners increased the sale to $550m, and the stock has continued to perform well in trading.

World Bank launched a $4.5bn five year trade on Tuesday in its first dollar benchmark of 2019, confounding some bankers who had expected this week to be populated with smaller transactions.

A Sk1.8bn (€102.1m) trade in Loomis, the Swedish cash handling company, on Monday night led to a structural change in the company’s shares, with the firm no longer having a dual class share structure.

Public sector borrowers in the euro SSA market received strong demand in both the short and long ends of the curve on Tuesday. KfW took advantage of the blistering conditions to sell its first euro benchmark with a three year maturity since 2015, while Société du Grand Paris (SGP) sold its biggest ever bond.

The largest block trade of 2019 so far — a €1.5bn stake in Dutch payments firm Adyen — flew off the shelves on Monday night, as large long-only accounts, mostly from the US, bought big slices of it.

Danske Bank attracted impressive levels of demand for its debut green bond on Tuesday and managed to price the deal flat to fair value. Market participants said that green-specific accounts will have helped the transaction gain momentum, even if funds with environmental, social and governance (ESG) mandates are still smarting over the bank’s alleged involvement in a high profile money laundering scandal.

Norwegian Air Shuttle, the Norwegian airline, has priced its heavily discounted Nkr3bn (€308m) rights issue receiving a high take-up from shareholders, despite safety concerns over some of its fleet and heavy shorting of the stock.

UniCredit raised €1bn of additional tier one (AT1) capital on Tuesday without paying a premium to its investors. It had been encouraged to open a new deal after the financial institutions bond market jumped in the run-up to a series of votes on Brexit by the UK parliament.