Barclays
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Chinese online tutorial platform GSX Techedu is seeking approval for an American Depository Shares (ADS) listing on Nasdaq. -
The strength of corporate bond demand, after falls in stockmarkets engendered by the US's hardened stance on trade talks with China, will be tested in the US on Wednesday by a $20bn issue for IBM. In Europe, the test could come on Thursday, since a handful of issuers finished roadshows on Wednesday.
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The Co-operative Group, the UK food retailer and provider of funeral, legal and insurance services, launched its first sustainable bond on Wednesday and achieved impressive demand. But that had little to do with its ethical characteristics.
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NRW.Bank mandated banks on Wednesday for a 10 year euro bond, in what is the agency’s first benchmark since rules were changed to allow the bank to be dissolved by law only.
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The Asian Infrastructure Investment Bank (AIIB) has begun a price discovery process for its eagerly awaited inaugural bond, which is expected to be issued on Thursday.
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Barclays Bank kept the primary covered bond market alive on Wednesday, launching its first deal of the year and its first Sonia-linked transaction — though at £500m it was the bank’s smallest covered bond yet.
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Emma Broughton, who quit Barclays last month, will join ANZ Bank in June.
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The Co-operative Group, the UK food retailer, undertaker, insurer and legal services provider, has announced a £250m sustainable bond issue which will be unusual in three ways. Green and sustainable bonds are rare in the UK and rare in the high yield market, while the use of proceeds Co-op is planning is close to unique.
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Ireland appointed banks on Tuesday for its second syndicated bond of the year, which will extend its euro benchmark curve to 2050 (31 years).
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Watches of Switzerland Group, the largest retailer of luxury watches in the UK, is exploring an IPO on the London Stock Exchange to cut its debt and allow its private equity owner Apollo Global Management to sell down some of its shares in the company.
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The vast majority of Barclays’ shareholders declined to support activist investor Edward Bramson’s bid to put himself on the board of the bank at its annual general meeting on Thursday.
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