Credit Suisse

David Miller has become the new chief executive of Credit Suisse’s investment banking and capital markets (IBCM) unit, replacing James Amine.

Chinese biotechnological company Venus Medtech (Hangzhou) is set to launch its Hong Kong IPO, having lined up an international syndicate to run the deal.

Standard Chartered sang the praises of the Reg S only dollar market this week, after building a chunky order book behind its first tier two in the format in seven years. The deal kick-starts a busy period of capital issuance for the UK bank.

Investors staged a protest over pricing in the non-preferred senior bond market this week, causing one transaction to fail and putting two others at risk of falling flat. Comfortable with their returns for 2019 and happy to be able to choose from a glut of new bond offerings, funds have simply been happy to divert their attention elsewhere. Tyler Davies reports.

La Banque Postale is looking to strengthen its capital position with a new additional tier one bond, beginning investor meetings on Friday. The issuer joins a growing trend towards issuers employing six month par call options in their perpetual securities.

BBVA and DNB Bank were both looking to build towards their minimum requirements for own funds and eligible liabilities (MREL) in the euro market on Thursday, eschewing non-preferred senior issuance in favour of the cheaper preferred senior format.

Sun Hung Kai & Co raised $350m from a new bond that exceeded its size expectation, helping support a tender offer.

Kaisa Group Holdings and Greenland Holding Group Co joined a slew of Chinese real estate companies to rush to the offshore market this week, using up the remainder of their regulatory quotas.

Another Germany-focused real estate firm is dipping into the high yield bond market. Peach Property is launching €250m of unsecured senior notes, following a successful bond issue by Demire. While Germany is on the brink of recession, its property market keeps breaking new records.

Danske Bank has made its second visit of the year to the euro tier two market, paying a much tighter spread for a deal that was otherwise identical to its earlier transaction. The Danish issuer has been subject to higher capital requirements in 2019, amid the fallout from a series of high profile money laundering investigations.

DNB Bank moved the pricing by 37.5bp on a new additional tier one (AT1) in the dollar market this week, becoming one of the first banks to break through the 5% pricing marker.

Six Chinese real estate issuers — mostly high yield — flooded the dollar bond market on Monday with one to four year tenor deals. Investment grade rated China Vanke Co, on the other hand, tapped the longer end of the curve with a dual-tranche issuance.