Citi

Singapore’s United Overseas Bank this week set a new benchmark after the country introduced an enhanced bank resolution regime allowing the statutory bail-in of subordinated debt. Addison Gong reports.

Bank of China sold another blockbuster Belt and Road transaction on Wednesday, raising $3.8bn across eight tranches of notes in five currencies across five bank branches, It was the largest transaction sold under the BRI label.

India’s JSW Steel raised $500m in an opportunistic transaction on Wednesday, marking the company’s first dollar bond in two years.

Conglomerate Alicorp sold the second global nuevo sol bond to emerge from Peru in a week on Wednesday, copying the execution pattern that worked well for Telefónica del Perú last week and pricing inside its lower-rated compatriot.

Saudi Aramco’s hotly anticipated $12bn bond was priced yesterday with the fanfare investors had expected. Demand for the deal was so large that the sovereign rallied 20bp as the deal printed, but stated final orderbooks of $92bn are being questioned as two investors say only the 30 year tranche is still bid above re-offer. The leads disagree, though, with one saying he saw all the tranches above their pricing levels.

Maja Torun will become co-head of French investment banking at Citigroup, according to an internal memo.

Investor orders surged for Polycab India’s $194m IPO this week, allowing the transaction to close with an order book nearly 52 times subscribed.

Saudi Aramco is making a splash with its bond market debut, gathering a staggering $85bn of orders for a six tranche deal expected to exceed $10bn.

Hollysys Automation Technologies is seeking nearly $180m from the offering of additional Nasdaq-listed shares.

United Overseas Bank priced on Monday the tightest Basel III-compliant tier two deal from an Asian borrower, setting a new benchmark following the strengthening late last year of the bank resolution regime in its home jurisdiction of Singapore.

IndusInd Bank, the privately owned Indian lender, priced its inaugural dollar bond on Monday after a careful approach by bookrunners led to a sale that was priced tighter than some investors demanded but kept on tightening in the secondary market.

LG Chem, the chemical and battery producing arm of South Korean group LG, launched its first euro and dollar bonds this week, after a long sojourn in the won market. All three tranches, which were also green bonds, were heavily oversubscribed.