Citi

China Railway Signal & Communication Corp (CRSC), the rail traffic control systems giant, has put up its draft prospectus with the Hong Kong Stock Exchange in an IPO that could raise up to $2bn.

Credit trading desks at banks have been swept by a tornado of job moves, as financial institutions specialists leave or jump to rival firms in a scramble to survive in a shrinking market.

Home Depot and Time Warner led a flurry of corporate borrowers on Thursday as the dollar market closed in on a record month for issuance.

Equity capital markets specialists watched wild trading in the shares and rights of Banca Monte dei Paschi this week, after the rights to subscribe for its capital increase began trading on Monday.

Rating: A2/–/A

Finnvera matched its record dollar syndication size with its longest ever deal in the currency on Thursday, but some bankers away from the trade felt it should have been more conservative.

The Republic of Ukraine issued a $1bn five year USAID-backed deal on Tuesday that was met with delight by holders of the country’s existing debt. The deal and ongoing support from the US is invaluable to the country, they said.

The Republic of Korea has mandated two banks for a credit update with bond investors in London next week.

UK-based insurer Aviva looked to reopen the tier two market on Thursday with a long dual tranche trade, while some senior projects were said to be held as the market widened.

The Philippines’ largest bank — BDO Unibank — is in the market to raise $350m in a deal led by half a dozen mandated lead arrangers and bookrunners. The bank is the latest among a string of financial institutions out of the country to go offshore for dollars. Bankers expect more activity of this kind, as Philippine lenders look to fund their fast growing economy.

The continuing saga of Kaisa Group Holdings reared its ugly head once again this week when Sunac China Holdings announced it had terminated the acquisition of a stake in the troubled property developer. But that had little impact on the primary pipeline, with two high yield real estate companies raising a combined $600m.

The Democratic Socialist Republic of Sri Lanka is set to return to the offshore debt market on May 28, while China National Bluestar and Global Logistics Properties (GLP) are also marketing their maiden dollar bonds to investors.