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◆ The threat of US corporate issuance to European borrowers ◆ The new funding environment for Middle East banks ◆ Reviving UK equity capital markets
Swiss investors retain appetite for credit as yields become more attractive
As war drags on, banks are boosting hoards of cash after deposit outflows
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Volkswagen (VW) took advantage of the positive tone in a quiet corporate bond market to build huge order books for both euro and sterling transactions on consecutive days. The strength of the bid from UK investors was behind the overall success of those transactions, while the borrower also found a pool of demand in Russian roubles. -
Hong Kong saw its second biotechnology listing this week, as BeiGene floated on the city’s stock exchange. But two days after listing it was under water and was followed by a double-digit dive by Ascletis Pharma, the sector’s debut issuer. The state of both stocks are a warning sign for future biotech issuers to rein in valuations, say ECM bankers. Jonathan Breen reports.
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Russian petrochemicals company Sibur is not close to making a decision on whether to go public, despite media reports in the last fortnight to the contrary, its CFO told GlobalCapital.
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Joint Stock Commercial Bank for Investment and Development of Vietnam has closed an offshore borrowing worth $150m. After the company deciding not to exercise a greenshoe option, lenders faced a large scale-back.
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Chinese property companies have seen their funding options restricted in a variety of markets, leaving the offshore loans markets the only avenue for them to raise new funds. But loans bankers, who have long operated in an uneasy grey area for such deals, are worried they will be next in the firing line. Pan Yue reports.
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The Republic of the Philippines attracted more investor demand than expected on its return after eight years to the Japanese yen bond market. Its outstanding dollar bonds outperformed in secondary trading as the new deal was being marketed.
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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Sponsored by Emirates NBD Capital
Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
