Credit Suisse

Mongolian conglomerate Tavan Bogd Trade pulled its debut dollar bond transaction on Thursday after the order book was closed. The high yield borrower had offered investors 12% for the three year bullet, but ultimately decided to postpone the final sale.

The dollar corporate bond market showed its resilience this week as issuance rebounded, despite the US-China trade turmoil. “Trump, Trump, Trump,” was how one syndicate manager explained the reasons for the return of volatility as high grade credit markets see-sawed with the President’s mood swings.

The latest chapter in the US-China trade war resulted in some serious market turmoil this month. But Hong Kong seems to have avoided the worst of the volatility: the city’s stock exchange approved four applications and each issuer has hit the road. Will investors bite? Gina Lee and Jonathan Breen report.

GN Store Nord, the Danish maker of hearing aids and audio devices, and Orpea, the French care homes operator, both achieved stellar terms on their new convertible bonds (CBs) on Tuesday, highlighting how the scarcity of new paper in the European market has pushed price dynamics in issuers’ favour.

Menswear clothing company Mulsanne Group Holding has kickstarted bookbuilding for its listing on the Hong Kong Stock Exchange.

Vonovia, the German residential property company, returned to the market on Monday to sell €744m of new shares on an evening where markets had largely sold off because of fears about growing tensions between the US and China.

Logistics real estate platform ESR Cayman has been given the green light for a listing on the Hong Kong Stock Exchange.

Gran Tierra Energy, the Canada-listed oil and gas company that mostly operates in Colombia, held investor meetings and calls on Friday as it plots its second-ever international bond deal.

A hail of high yield and leveraged loan deals hit the European market this week, making it seem like investors and bankers were unaware of the angst permeating equity markets since President Donald Trump decided to up the ante in his trade poker game with China. Not every deal was a blowout, however — United Group priced its PIK note wide of guidance and Virgin Media failed to tighten.

Arabian Centres Company (ACC), the owner and operator of Saudi retail malls, has priced its IPO at the bottom of its original range, winning local support for one of the largest deals from the Kingdom in years.

European corporate bond investors showed they were hungry for paper on Thursday, despite the gloom infecting equity markets this week about the prospect of a restart to the China-US trade war. A flurry of issuers came to the market, hot from roadshows, and got plenty of over-subscription while slashing their spreads by 20bp to 30bp.

A number of Chinese real estate companies have returned to the offshore loan market after struggling to raise money in the second half of 2018. Although some bankers said they are more willing to lend than they were last year, they are also complaining about the size of some deals. Pan Yue reports.