Credit Suisse

Chinese company Kingsoft Cloud Holdings has raised $510m after boosting the size of its Nasdaq float.

Chinese technology company Lenovo Group took advantage of improving sentiment and small new issue premiums on recent deals to reopen a dollar bond sold in April. It raised $350m from the tap on Thursday, but investor interest was quite muted.

Weimob, a cloud-based commerce and marketing solution provider, has raised $150m through its first outing to the equity-linked market.

Green and sustainable bond and loan financing by companies has slowed as many firms have had to deal with urgent funding needs amid the coronavirus crisis. But three companies crowded into the bond market with green deals on Wednesday, achieving blowout demand — confirming that both issuers and investors remain keenly focused on green finance. Jon Hay and Mariam Meskin report.

Issuers are starting to feel more comfortable with the new normal of wider spreads as a flurry of deals dusted the Swiss franc market, including a rare operating-company level visit from UBS.

New issue premiums evaporated in the high grade corporate bond market on Wednesday, with multiple issuers printing well through their curve as the world begins to emerge from pandemic lockdown.

On a busy day for corporate bond issues, with prestigious competing deals including from Nestlé, Swisscom is nevertheless hogging attention with its debut green bond, which comes alongside another green debut, for power networks group Eurogrid.

High grade bond investors had a plethora of trades to pick from on Wednesday, as corporate bankers say May is shaping up to be a breakneck month for issuance.

Kingsoft Cloud Holdings is on the road with its up to $450m Nasdaq IPO. Thanks to strong pre-launch demand, it is running a quick three-day bookbuild, according to a source close to the deal.

Kingsoft Cloud Holdings is looking to raise $450m from its Nasdaq IPO, finalising the listing terms on Monday.

Swiss franc bond spreads have failed to tighten as much as they have in the euro market, and the lack of price action meant few issuers ventured out this week. A trio of domestic deals comprised the only new supply.

The Republic of the Philippines printed one of its largest bonds on record this week at exceptionally tight levels, taking $2.35bn from a dual-tranche deal. The sovereign gave investors what they wanted: long tenors, attractive initial pricing levels and full clarity on the impact of Covid-19 on the country, writes Morgan Davis.