Credit Suisse

Ronshine China Holdings added $120m to its coffers on Friday after a tap of its $300m 2023 notes, using up the last of its offshore issuance quota.

Europe’s equity-linked bond market has been rocked this week, this time by fresh allegations of accounting fraud against Wirecard, the German payments processing company, less than a month after SoftBank issued a €900m exchangeable bond designed to derisk its investment in the company. Aidan Gregory reports.

Thailand’s S Hotels and Resorts is set to launch bookbuilding for its IPO next week and is looking to raise up to Bt7.9bn ($260m) from the deal.

Chinese real estate company Kaisa Group Holdings chose to go down the 144A route for its latest bond, raising $400m from a deal that hit the higher end of its size expectations. But bankers say it is unlikely many issuers will follow suit. Addison Gong reports.

VodafoneZiggo, the Dutch telecoms joint venture evenly split between Liberty Global and Vodafone, is raising €3.1bn in fresh capital. It joins industry peers such as Salt, Wind Hellas and Altice France who have rushed to the market this autumn to take advantage of favourable conditions.

Chinese real estate company Kaisa Group Holdings chose to go down the 144A route for its latest bond, raising $400m from a deal that hit the higher end of its size expectations.

Chinese online education platform Youdao has launched bookbuilding for its New York Stock Exchange listing, eyeing up to $100.8m from the deal.

Two coffee firms are marketing high yield bonds this week, as a strong market backdrop encourages sponsors to lock in cheap funding. The two issues sit at opposite ends of the coffee spectrum — service station self-serve and high end barista-style kit — but both companies are sponsor-owned single-B names.

Powerlong Real Estate Holdings pulled off a top-up placement on Monday night, raising HK$791.6m ($100.9m) after pricing the deal toward the bottom of guidance.

SoftwareOne Holding, the KKR-backed IT services company, is making good progress on its IPO on the SIX Swiss Exchange, despite market sentiment being hit by the poor aftermarket performance of TeamViewer, the German software company that listed in Frankfurt last month.

E-House (China) Enterprise Holdings returned to the dollar market for the third time this year, raising $200m from its latest deal.

The buyout bonds for Merlin Entertainments and Kantar, backed by Blackstone and Bain, will set new standards for European issuers. If the investors strike down the "net short" clauses — as they did in an earlier Inmarsat deal — the sponsors may give up on the controversial strategy to battle hedge funds with large CDS positions.