Deutsche Bank

Chinese biopharmaceutical company Zai Lab has appointed a pair of firms to lead its US listing, as a host of other Mainland companies also prepare to float across the Pacific.

The European high yield bond market will enter the second half of the year in extraordinary shape, with average coupons at all-time lows and a surge of issuance. Can it get any better? Bankers and investors think not.

British American Tobacco set fire to any notion that markets close in August this week with a $20.8bn bond bonanza. It brought a $17.25bn eight tranche deal on Tuesday — the second largest bond transaction of the year in the US — and followed that with a €3.6bn-equivalent four tranche dual currency deal in Europe on Wednesday. Nigel Owen reports.

A former FIG syndicate director at Crédit Agricole is understood to have joined Deutsche Bank, following a string of FIG syndicate moves in previous months.

After bringing the second largest bond transaction of the year in the US on Tuesday, British American Tobacco topped up its borrowing with a €3.6bn-equivalent four tranche dual currency deal on Wednesday.

NRW.Bank racked up another tightly priced deal for the dollar SSA market on Tuesday, as FMS Wertmanagement prepared a trade that bankers expect to attract a similar central bank audience. Issuers are enjoying strong summer dollar conditions, with swap spreads stable and US Treasury spreads attractive for the buy-side.

Conditional books are already oversubscribed for the €240m term loan that funds the Ontario Teachers' Pension Plan's acquisition of Mémora, an Iberian funeral services provider.

Gabon on Monday placed a $200m reopening of its 2025s with no new issue premium in what bankers described as good trade all round.

Indonesia’s Chandra Asri Petrochemical completed the placement portion of its Rph5tr ($378m) rights-plus-block combo on Monday, in a deal that benefited from the issuer’s focus on transparency.

State-owned reinsurance company General Insurance Corp of India (GIC Re) has submitted a draft IPO prospectus for a deal that could raise around Rp85bn ($1.3bn), said a banker on the mandate.

NRW.Bank has announced a three year dollar benchmark, picking banks for what looks to be this week’s only supply, according to one head of SSA syndicate away from the trade.

British American Tobacco is expected to bring the week-long run without any new corporate bond issuance to an end later this week. The UK based tobacco company could issue in dollars, euros and sterling.