Deutsche Bank

Chinese investors are propping up most of China Development Bank Financial Leasing Co’s HK$7.6bn ($979.3m) listing, which launched on Tuesday with nearly 80% of the offer covered by mainland cornerstone investors.

Chinese auto rental company eHi Car Services, which sent out invitations for its debut $150m syndicated loan in early May, has attracted a few commitments.

China Development Bank Financial Leasing Co has finalised the marketing price range for its listing, which would raise HK$7.6bn ($979.5m) at the top end, and has signed up cornerstone investors to take up nearly 80% of the float, according to a source close to the deal.

Chinese sportswear maker 361 Degrees has announced a tender offer to repurchase offshore renminbi-denominated notes issued in 2014.

China’s Orient Securities Co is planning to launch bookbuilding for its IPO on Monday and could raise about $1bn, according to sources close to the deal.

Equity capital markets bankers can feel satisfied that good planning led to an orderly and successful completion for half a dozen IPOs at the beginning of June, before fears of a possible Brexit really bit into market confidence. But they are now starting to assess the likely effects of the referendum on June 23.

Credit markets showed their capacity to surprise this week, as a varied array of issuers, including high yield and emerging market companies, raised funds, even though a referendum that could lead to the first country leaving the European Union is only a week away, writes Jon Hay.

Capital markets this week finally faced up to the possibility of the UK voting to leave the European Union in next Thursday’s referendum. There was a distinct whiff of panic in European bond markets, after latest polls showed the Leave campaign was not only gaining momentum but establishing a lead, prompting investors to race into safe haven assets such as Bunds and US Treasuries and selling out of bonds of issuers most likely to be affected by Brexit.

Stadshypotek was lucky to raise €1bn of six year funding at 3bp over mid-swaps on Monday, a feat that leads said would not have been possible on Tuesday as markets deteriorated.

Covered bond volumes were higher this week than last even as mounting fears of a UK decision to leave the European Union lead to greater volatility and increased execution risk.

Ethypharm, the French pharmaceutical firm, has allocated a €337m seven year term loan ‘B’ at tighter pricing than initial guidance, following a heavy oversubscription.

The pre-summer rush for IPOs in Hong Kong is well underway with three companies starting investor education this week, even as stocks started Monday with a wobble.