Citi

Switzerland’s Julius Baer Group is offering investors a little something new, launching an inaugural dollar-denominated Basel III additional tier one (AT1) bond on Tuesday morning in Asia.

Mapletree Logistics Trust will fund its acquisition of a Hong Kong warehouse with a S$640m ($471.5m) dual tranche equity raise, following in the footsteps of its sister unit last year, as well as with debt.

China Minsheng Banking Corp has jumped into the debt market, opening a dual-tranche floating rate offering for dollar investors through its Hong Kong branch on Tuesday.

A pair of public sector borrowers are set to bring their longest dated euro benchmarks in some time on Tuesday, as underlying rates for both issuers fell slightly on Monday.

Praesidiad, a Belgian perimeter security company, launched the term loan for its acquisition by private equity firm Carlyle on Monday, in what was a busy week for the market. More than €2.5bn of loan deals have been launched in the past four days.

Chinese biotech firm Zai Lab has launched bookbuilding for a $105.9m IPO of American Depository Shares (ADS), and is counting on US investors favouring start-ups to support the deal.

China SCE Property Holdings scooped up HK$1.6bn ($204.5m) from an overnight block on Thursday that was timed to perfection, taking advantage of a share price rally to its highest point for the year.

Zai Lab is set to kick off roadshows on Tuesday for its $150m IPO on the Nasdaq, according to a banker leading the transaction.

Rating: Aaa/AAA

The European leveraged finance market is set to contend with loan deals approaching €4bn for the start of September. Over half of that is for the German pharmaceutical firm Stada — a deal that could help make funding more expensive for everyone else, writes Victor Jimenez.

Public sector issuers navigated a choppy start to the week to print strong dollar trades, but some SSA bankers worry that the problems that brought that early volatility are far from resolved.

With a GDP per capita of just $796, and foreign exchange reserves that cover just 9% of debt obligations, the Republic of Tajikistan cannot claim to be a frontier market, let alone an emerging market country. But that should be no obstacle as the Central Asian state approaches a bond market that has seen Belarus and Iraq raise debt with ease in recent months.