Citi

ZTO Express has revealed the terms for its upcoming $1.3bn US IPO, which will be the largest listing in the country by a Chinese firm since Alibaba Group Holdings' $25bn float in 2014.

Biffa, the UK waste management company, relaunched its IPO on Friday morning after the deal failed to attract enough demand at the original price range. The deal is covered at the new terms.

International Container Terminal Services (ICTSI) executed a successful liability management exercise on Thursday with a $375m perpetual non call 7.6 year, printing a deal with numerous firsts.

Swiss private bank Julius Baer returned to the Singapore dollar market for an additional tier one, clinching a S$325m ($235m) deal at a lower coupon than its debut one year ago. The positive outcome came despite the noise around European banks and concerns over Moody’s downgrade of the issuer’s existing subordinated notes.

Asia is gearing up for a bumper week of IPOs, with two $2bn deals launching on Monday and other smaller-sized floats vying for investor attention in what has been an action-packed October.

Hong Kong Broadband Network has returned to the market after just seven months to refinance its outstanding loans. The steady downtrend in pricing for high grade borrowers prompted the move.

CFE provided a strong base for fellow Mexican quasi-sovereign Nacional Financiera to issue as soon as next week after selling a long 10 year bond on Tuesday that tightened 10bp-12bp in the two days after pricing.

A flurry of follow-on equity sales this week, mostly block trades, showed that investors still want stock, sometimes at tight discounts, even while three IPOs had to be abandoned.

Italy showed that not every investor’s fingers were burned by the sudden sell-off of its debut 50 year benchmark last week, as it printed its largest private placement in over 18 months on Monday.

JP Morgan’s chairman and chief executive was in a sympathetic mood in Washington at the Institute for International Finance last week, advocating a pause in the regulation of banks in Europe that would give them time to get on with financing the real economy.

Guarantor: Federal Republic of Germany

The European Stability Mechanism is close to deciding on the format its first dollar benchmark will be printed in, while a deal due this Friday could open up to longer dated tenors what has already been an extremely strong dollar market in the three year part of the curve.