Citi

IPO bankers are treading cautiously around two of the post-summer season’s most highly anticipated trades in Hong Kong, after a global sell-off in stocks sent investors packing and clouded the outlook on shares sales with China links.

Municipality Finance brought the first dollar benchmark since a big sell-off in Chinese equities on August 24 sparked volatility in global equity and credit markets, roiling issuance conditions for public sector borrowers in dollars.

Cigarette maker Philip Morris flagged off pre-deal investor education for an up to Rph26.70tr ($1.92bn) follow-on transaction in its Indonesian subsidiary HM Sampoerna on September 2, with the process set to run for two weeks.

Shanghai Pudong Development Bank Co (SPDB) is due to start roadshow for a proposed dollar bond this week.

A eurozone agency is set to brave a dollar market that suffered volatility last week. And despite improved conditions, the issuer opted for a conservative maturity.

Russian mining company Norilsk Nickel is undertaking series of investor update meetings in early September.

The corporate bond pipeline for September swelled rapidly over the course of this week, with no less than six companies hiring banks for roadshows in the near future.

Banque Fédérative du Crédit Mutuel has burst back into the market shortly after a summer blackout, raising €600m with a spree of floating rate medium term notes.

There was a tense finish to the Indian government’s Rp93.96bn ($1.42bn) divestment of its stake in Indian Oil Corp (IOC), with books only covered just before the transaction was due to close thanks to late bids from state-owned insurers.

The era of high valuations and low leverage means private equity firms are losing out to corporates in M&A, forcing them to overhaul their business models and look at consolidation, writes David Rothnie

NL Financial Investments, the organisation that handles the Dutch state’s shareholdings, has selected eight investment banks as bookrunners and co-lead managers for ABN Amro’s highly anticipated flotation.

Two rare issuers announced plans to issue euro debt on Tuesday, with Swisscom mandating for its third ever deal and Pentair hiring banks for a possible debut in the currency.