Banks
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The first treasurer of the Asian Infrastructure Investment Bank has taken a sell-side job in New York. -
Logan Property Holdings Co made a quick venture into the market on Thursday to use the remainder of its offshore issuance quota for the year. The typically price-sensitive issuer willingly left something on the table for investors this time around to ensure their support in 2019.
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China’s Haitong Securities priced a dual-currency transaction on Thursday, heading to the euro market for cheaper funding. Another issuer, Peking University Founder Group, was looking to price an up to €100m deal on Friday.
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Fosun Tourism Group, a subsidiary of Chinese conglomerate Fosun International, has raked in HK$3.34bn after sealing its IPO at the bottom of the indicative range.
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Mainland firm China East Education Holdings is seeking the greenlight to launch an IPO in Hong Kong.
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WuXi AppTec priced its IPO at the mid-point of the range to raise HK$7.92bn ($1.01bn), despite the deal being oversubscribed at the upper end of guidance, according to a source close to the listing.
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Software company AsiaInfo Technologies launched bookbuilding this week for a potential HK$1.16bn ($148.5m) listing in Hong Kong, after securing Baidu’s holding company and a Lenovo Group subsidiary as cornerstone investors.
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In this round-up, China International Capital Corporation UK (CICC UK) became Stock Connect’s first depository receipt conversion institution, S&P and FTSE Russell added China A-shares to their indices, and October capital outflows from China jumped while outflows from other emerging markets stayed flat.
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Italy found strong demand for a surprise syndicated tap on Thursday — despite a fresh and steep sell-off across its curve throughout the day — proving the peripheral sovereign had access to the capital markets even during extremely difficult conditions.
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Judging extension risk is a key part of investing in bank capital. If investors call it wrong, it is hard to say they have been grossly mistreated.
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