Credit Suisse

Smartphone maker Xiaomi Corp pocketed $3.96bn this week from a record top-up placement and concurrent convertible bond issue. Investors flocked to the transaction for its rarity value, investment grade rating and the offer of a liquid and volatile stock. Jonathan Breen reports.

The Republic of the Philippines sold its largest international bond in more than a decade this week, raising $2.75bn from a deal that received strong support from investors confident about the country’s control of Covid, and its outlook. It even managed to get away with a record low coupon on one of the tranches.

Thai express delivery company Kerry Express launched its IPO this week, aiming to raise up to Bt8.4bn ($278.2m) in proceeds.

Hong Kong property company New World Development Co used a fixed-for-life perpetual structure to net $700m on Wednesday.

Chinese state-owned electricity company China Huaneng Group Co sold two tranches of perpetual bonds on Wednesday, raising $1bn.

The Commonwealth of the Bahamas raised $225m of 12 year money on Wednesday, taking advantage of a strong rally in its most recently issued bonds to tap markets 125bp inside where it did less than two months ago.

Credit Suisse gave investors an opportunity to buy new additional tier one (AT1) paper in the dollar market on Wednesday, shortly after receiving a credit ratings upgrade from Moody’s.

Four Chinese borrowers hit the dollar bond market on Tuesday, raising $745m between them.

Chinese smartphone maker Xiaomi Corp has raised $3.96bn from a concurrent top-up placement and convertible bond issue.

UzAuto Motors, a car maker owned by the Uzbek government, has raised its debut syndicated loan from European lenders. The deal is one of many over the last year that have opened up Uzbekistan’s borrowers to international capital markets.

CNP Assurances ventured out with a rare tier three deal on Tuesday, becoming only the second issuer this year to tap the format in euros.

Banca Monte dei Paschi di Siena found plenty of demand for a new senior bond in the euro market on Tuesday, aided by growing speculation about the possibility of a merger with UniCredit.