Banks

Let history show that even though no one even kicked a ball in the European Super League, it still had a winner: JP Morgan.

Meituan, a Chinese food delivery company, raised $10bn this week from a combined equity placement and convertible bond issue. Investors flocked to the deal for the investment grade rating and the offer of a highly liquid and volatile stock. Jonathan Breen reports.

China Gas Holdings fell by more than 11% on Thursday after it raised HK$11.66bn ($1.5bn) from the sale of new shares through a top-up placement.

Three Chinese corporate borrowers raised a combined $757m from the offshore bond market on Wednesday.

Credit Suisse has placed Sfr1.7bn ($1.9bn) of mandatory convertible bonds to repair its balance sheet, following steep trading losses caused by the bankruptcies of Archegos Capital and Greensill Capital. But some predict the bank may need to return for more equity down the line.

Citi has named Alex Schrantz as head of banking, capital markets and advisory (BCMA) for Hong Kong.

The new boss of UniCredit is widely expected to use his deal-making skills to transform the Italian lender, but will he look to revitalise its corporate and investment bank, asks David Rothnie.

The MTN market’s increasing focus on SSA issuance over the last year will ensure a steady flow of deals through the upcoming bank reporting season.

Danfoss, a Danish engineering firm, and UK bottling company Coca-Cola European Partners found the biggest demand at longer maturities in their multi-tranche bond issues on Wednesday, as inflation fears fade from Europe’s corporate debt market.

Luzerner Kantonalbank (LuKB) issued its first tier two bond in a decade this week, with the Sfr400m ($436m) deal expected to be index-eligible — a first for a Swiss franc callable tier two bond.

Coats, the UK industrial thread producer, has signed a $360m loan, adding environmental, social and governance metrics to its bank debt for the first time.

The IPO of PolyPeptide, the Swiss pharmaceutical ingredients company, was covered on the first morning of bookbuilding on Wednesday, according to sources close to the deal.