Citi

The newly reopened Middle East bond market has tougher tests of demand ahead, with a trio of mandates hitting screens on Monday morning and two others rumoured.

Nestlé, the Swiss foods group, again nominated Citigroup as loan coordinator as it completed the refinancing of a revolving credit facility last week.

Wenzhou Kangning Hospital Co started to test investor appetite for its IPO of around $100m on Monday, with bookbuilding expected to kick off in early November.

Wenzhou Kangning Hospital Co is set to pre-market its $100m Hong Kong IPO on October 26, with investor education slated to run for about two weeks before bookbuilding starts.

China Huarong Asset Management pulled off a HK$17.83bn ($2.30bn) IPO on October 22, pricing one of Hong Kong’s largest listings this year just a few cents off the bottom of the initial range. But the price tag has sparked debate among bankers, with some saying the issuer was pushing its luck.

Sovereigns and quasi-sovereigns continue to dominate Latin America new issues, as Uruguay this week showed that attractive all-in funding costs are on offer thanks in large part to low base rates.

Credit Suisse won praise from equity capital markets bankers this week for a neat two-step plan to raise Sfr6bn of new capital, as part of a complete new strategy for the bank, announced by CEO Tidjane Thiam in a marathon series of conference calls on Wednesday, writes Jon Hay.

US cruise ship operator Carnival Corp has announced that it will roadshow for a potential bond offering that would mark its return to the euro market after a nine year hiatus.

Borrowers enjoyed tight pricing in the US market this week, as a sharp drop in supply helped bring stability to the market and triggered a fall in new issue premiums.

Equity block trade activity has picked up this week, after a six day lull, with a rash of trades helped by a stable stockmarket. On Thursday night, two trades were launched, after a buoyant afternoon for stocks since Mario Draghi, European Central Bank president, raised hopes of further monetary easing at a press conference.

Teva, the New York-listed Israeli pharmaceutical company, held a meeting with banks on Wednesday for the syndication of $33.75bn of loans to buy generic drug business Allergan Generics.

The Indian IPO market is back in full swing with Coffee Day Enterprises seeing a solid outcome for its Rp11.94bn ($183m) deal, in what was the country’s first chunky listing in years. The transaction’s success, buoyed particularly by interest from institutional accounts, has now paved the way for a flurry of IPOs to follow, writes Rashmi Kumar.