Europe

Chinese white goods maker Qingdao Haier said on Tuesday that it plans to float up to 400m D-shares on the Frankfurt-based China Europe International Exchange (Ceinex).

A trio of euro borrowers picked up a combined €8.5bn on Tuesday, seemingly without testing the limits of demand in the market.

In an action not seen for years, a would-be Schuldschein issuer has been forced to withdraw its transaction when investors refused to participate, even after the lead bank offered much more attractive pricing terms.

Hong Kong conglomerate CK Hutchison Holdings tested the appetite of the euro corporate bond market with a dual tranche deal, which included the first tranche longer than 10 years to be issued in nearly four weeks.

HNA, the Chinese conglomerate, has postponed the flotation of Swissport, the Swiss air freight handling company, citing unfavourable market conditions.

Perella Weinberg Partners said on Monday that Alex Wilmot-Sitwell, former president of Bank of America Merrill Lynch in EMEA, and one of the UK’s most senior corporate financiers, will join as a partner in its advisory business. He will be joined by Matthew Smith, Barclays’ head of UK corporate finance.

Italian scooter maker Piaggio announced a high yield bond roadshow on Tuesday, the seventh issuer to do so in five days as volumes continue to rebound after a difficult February.

Lazard has hired a senior banker from Deutsche Bank to lead its French equity capital markets advisory business.

CaixaBank came to the market with a newly stamped investment grade tier two bond on Tuesday, in the first deal from a European bank in the asset class since it suffered from a heavy sell-off.

Berlin Hyp was only just able to attract sufficient demand for a new green senior unsecured trade on Tuesday, while BNP Paribas enjoyed a much stronger reception for a socially responsible deal of its own.

A trio of covered bonds issued on Tuesday attracted tepid overall demand, even though they were priced much wider than theoretical fair value. Of the three, Axa Bank’s dual tranche offering stood out as the most popular.

The sell-off in Russian bonds is battering emerging markets investors, who are seeing the biggest spread widening since sanctions were first imposed on the country in 2014. Not only have the bonds of freshly sanctioned Rusal tanked but other Russian companies are selling off as investors fear they may be next, and the rot is starting to spread to the wider central and eastern Europe region as well.