Credit Suisse

Zhongyuan Yuzi Investment Co, a provincial level local government financing vehicle (LGFV), has postponed a planned dollar bond amid weak sentiment for the sector. On the other hand, Nan Hai Corp, which pulled a deal last September, managed to get its second bond attempt past the finish line by opting for a private placement style execution.

Credit Suisse has made two new hires for its electronic trading business in Australia, as it adds resources to launch a new algorithmic platform in the region.

Swiss franc bonds are frequenting treasurers’ minds again as windows for arbitrage funding return to the market. For three years, Swiss market participants have gritted their teeth as cross-currency basis swaps and attractive funding conditions in core markets squeezed supply from abroad. But this seems to be changing. Four foreign borrowers raised benchmark bonds this week, and bankers expect many more to follow before the summer lull. Silas Brown reports.

Foreign banks operating in the US could be allowed a more flexible funding structure, according to Randall Quarles, Federal Reserve vice-chairman for supervision. It could lower the cost of trapping liquidity and capital instruments in the intermediate holding companies (IHCs) they had to set up to keep operating in the US.

Market sources said rising political uncertainty in the eurozone was to blame for the second deal pulled from the European high yield bond market so far in May, as Greek issuer Pangaea cancelled its high yield roadshow on Thursday.

German media company Bertelsmann pulled a €500m seven year corporate bond issue on Thursday, just hours after launching the deal alongside two other seven year deals.

Two IPO applications in Hong Kong this week — one from a bitcoin hardware maker and the other a Chinese state-owned enterprise — highlighted the tussle for investor attention between old and new economy companies.

Dollar bond investors got their first taste of a Cambodian credit this week when casino operator NagaCorp grabbed $300m from its debut outing. But a huge tightening in the secondary market reflected the struggle in finding a fair price for the issuer. Morgan Davis reports.

Four bankers in Credit Suisse’s Asia Pacific loan syndications and financing group left the firm this month, according to sources close to the situation.

Canaan is eyeing a $1.5bn IPO in Hong Kong that will test investor appetite for the first listing of a cryptocurrency firm in the city.

The volume of euro and sterling high yield bonds on sale in Europe jumped to €1bn on Tuesday, after NBG Pangaea and Premier Foods hit the market with new offerings. Meanwhile, retail high yield funds enjoyed a second week of inflows.

Cambodian casino operator NagaCorp clinched a $300m debut bond on Monday. But the gaming company’s notes looked cheap compared to other industry names in Macau, causing the yield to drop significantly in secondary trading on Tuesday.