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Fast food franchise operator Yum China Holdings is cooking a multi-billion-dollar secondary offering in Hong Kong. It is the latest deal in a growing trend that bankers expect will bring more US-listed Chinese companies to the exchange by the the end of 2020, writes Jonathan Breen.

Luxembourg became the first European sovereign to publish a sustainability bond framework this week, breaking the pattern, to which Germany became a notable addition on Wednesday, of governments printing green deals. But sustainability bonds make much more sense for countries large and small.

If investors were a family, the activist hedge fund would be the brattish 20-something rich kid with libertarian opinions who relishes annoying everyone else. You wouldn’t expect this character to get on with the woke, vegan responsible investor who loves to hold forth on moral values.

Ant Group started speaking to investors this week for mammoth IPOs on the Hong Kong and Star markets, which at an estimated size of $30bn would become the world’s largest ever share offering. The deal is a big win for both exchanges — and bankers in Hong Kong are also expecting a record fee from the deal. Jonathan Breen and Rebecca Feng report.

Renewable energy has finally arrived as one of the premier sectors in equity capital markets. All it took was a global pandemic.

KfW began a new wave of 10 year supply this week, reopening the SSA market’s trickiest tenor for business. Issuers are so eager to access the maturity that they are having to jockey for position.

Metals and mining firm Vedanta Resources’ $1.4bn bond this week took it one step closer to the planned delisting of a subsidiary. But the company took an unusual approach to the deal — a rare bond outing for a take-private in Asia — by offering investors a secured and callable amortising bond. Morgan Davis reports.

The coronavirus crisis has reshaped many aspects of finance, but not the line-up of top investment banks. It does appear to have pressed some firms into sharp decisions, though.

Ke Holdings sealed a $2.12bn IPO on the New York Stock Exchange this week, the largest US listing by a Chinese firm in more than two years, defying the shock caused by US sanctions against one of its largest shareholders, Tencent Holdings. Jonathan Breen reports.

KKR, the US private equity group, has sold a $1bn mandatory convertible bond to fund its acquisition of life insurer Global Atlantic Financial Group, which it announced last month.

The coronavirus crisis is a further reminder that fundamentals are not the only thing that matters when investing in bank capital.

Institutional investors in private placements (PPs) have signalled their appetite for borrowers beyond their typical stables throughout the coronavirus pandemic. But this week’s transaction from Vanguard Group — the largest in the market’s history — showed the size of funding available, as buyers demand bigger deals. Silas Brown reports.