Banks

FIG rainmaker Andrea Orcel is stepping back into the limelight as UniCredit chief executive, just as momentum is building for large-scale banking consolidation. He has an array of M&A options, but will he be shy in pulling the trigger? David Rothnie reports.

Bank bond spreads widened on the back of negative sentiment this week, but a handful of lenders were still able to take advantage of a constructive backdrop in the new issue market.

Supermarket Income REIT, a UK grocery property investment trust, has signed an £80m revolving credit facility, as the real estate sector continues to pile on debt.

Chinese video-sharing platform Kuaishou Technology is generating huge demand for its IPO, which could be worth as much as HK$42bn ($5.4bn). The deal, set to be the largest primary listing globally since 2019, shows the growing interest around short video companies. Jonathan Breen reports.

Cathay Pacific Airways has sold the largest convertible bond by a Hong Kong issuer in over a decade, raising HK$6.74bn ($869.4m).

China is allowing banks to issue perpetual bonds with an equity conversion provision, an attempt to balance the need to help smaller lenders shore up their capital with a desire to protect investors. Addison Gong reports.

Red chip issuer Yuexiu Transport Infrastructure ditched its usual bullet bond structure in favour of a five year puttable Panda outing this week.

Hong Kong’s government returned to the green bond market with a $2.5bn triple-tranche deal this week, making the most of growing investor demand for sustainable investment opportunities. Morgan Davis reports.

Tencent Holdings is testing bank appetite for a jumbo loan of $6bn as it gets ready to once again shun syndication in favour of a club deal. But the razor-thin pricing on offer is likely to pose a challenge — as will a recent crackdown on some of China’s largest technology companies. Pan Yue reports.

Casino operator Genting New York priced a $525m bond on Wednesday.

Hainan State Farms Investment Holdings Group Co debuted in the dollar market on Wednesday with a three year bond.

Chinese property company Kaisa Group Holdings raised $200m from a rapid return to the debt market this week.