Citi
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Bottled water and beverage company Nongfu Spring has taken advantage of a flood of demand from institutional and retail investors for its Hong Kong IPO to price the HK$8.35bn ($1.08bn) deal at the top of guidance. -
Yum China Holdings, a fast food restaurant franchiser, launched the roadshow for its secondary listing in Hong Kong on Monday to strong early momentum from investors.
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A $600m loan to support Baring Private Equity Asia’s take-private of Indian software firm Hexaware Technologies has been launched into general syndication, with three banks joining at the top level.
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The dollar corporate bond market skipped the summer slowdown this year. This week Royalty Pharma issued its first bond as a public company and pushed August's total issuance above $100bn for the first time ever.
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Companies piled into the bond market with hybrid capital issues this week to raise €4.95bn between them, as syndicate bankers say that they are encouraging as many borrowers as possible to consider pushing out higher risk trades before raising senior debt.
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Abu Dhabi brought the CEEMEA debt market out of holiday mode this week by stunning investors with a new 50 year bond — the longest ever seen in the Gulf. The deal not only cemented Abu Dhabi's standing as a top-tier credit on a level with developed market sovereigns, it also raised expectations for a flurry of longer-dated issuance from states across the Gulf region. Mariam Meskin reports.
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Total, the French oil and gas major, continued the strong run of hybrid trades in the corporate market this week, launching a chunky €1bn note 37.5bp inside initial price thoughts on a yield basis.
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European banks spied further opportunities in the dollar market this week, even as many in the sector turned their attentions back to their home currency.
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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.
