Banks

Zhejiang New Century Hotel Management has covered the books for its Hong Kong IPO after hitting the road with a deal that will be worth as much as HK$1.4bn ($178.8m).

The Coca-Cola Company has reopened the European corporate bond market this week with a €3.5bn four-tranche offering to refinance euro-denominated debt due later this year. The company hit screens despite a difficult earnings update last week that caused the biggest daily drop in its stock in a decade.

Sterling issuance may be slowing down after its record start to the year, but investor demand shows no signs of cooling — as KfW proved with a tap on Monday that was nearly double its original target size. Any “bank treasury friendly” borrowers should find healthy demand if they follow in the currency, said bankers.

The European Stability Mechanism on Monday took care of all its first quarter funding needs in one fell swoop, drawing a heavily oversubscribed book with high Asian demand that allowed 2bp of price tightening. On-looking SSA bankers said the deal was a good sign for — and likely gave confidence to — Spain, which is bringing its second syndicated benchmark of the year on Tuesday.

Erste Abwicklungsanstalt (EAA) looks set to have the dollar market to itself on Tuesday with its first benchmark of the year, and is foregoing the price discovery process.

Colombian airline Avianca could tap investors for a new bond issue in the coming weeks as it looks to refinance an existing bond maturing in May 2020.

Investors put in more than €6bn of orders for a new non-preferred senior bond from Crédit Agricole at the beginning of the week, after the French bank opened books on the longest dated deal of the year so far.

Symrise, the unrated German flavours and fragrances company, has entered the Schuldschein on the hunt for loans to help finance its $900m acquisition of International Dehydrated Foods.

New Development Bank, the multilateral development bank, returned to the Panda bond market on Monday. It raised Rmb3bn ($446m) from a tightly-priced green bond.

Chinese broker Up Fintech, best known for its platform Tiger Brokers, is planning a listing of American Depository Shares (ADS) on the Nasdaq. It wants to raise as much as $150m.

India’s largest telecommunications service provider Vodafone Idea has hired three banks to handle a rights issue that could raise up to Rp250bn ($3.5bn), according to a source close to the deal.

Bank of Communication Financial Leasing has launched a $270m three year loan into general syndication, turning to onshore Chinese banks with stockpiles of dollars.