Goldman Sachs

Guarantor: CPP Investment Board (CPP Investments)

Hamburg Commercial Bank will no longer visit Milan on the roadshow for its new tier two bond, with parts of northern Italy having been locked down to contain the spread of Covid-19. But issuers and investors are still managing to get on with their business amid the mounting chaos.

Artificial intelligence company Megvii Technology’s IPO prospectus expired on Tuesday. But despite delaying the deal, the firm intends to resubmit a listing application, according to a source familiar with the matter.

CPPIB Capital came to market for a dollar benchmark on Wednesday, after mandating the deal last Friday. The trade had been postponed to avoid printing in the peak of the volatility sparked by the worsening Covid-19 outbreak.

CPPIB Capital is moving forward with its five year dollar benchmark which was mandated last Friday but postponed following the hostile market conditions at the start of the week. Bankers away from the deal expect it to go well, given the limited size.

The European Stability Mechanism has requested its primary dealers or ‘market group banks’ to set up entities within the 27 member states of the European Union in order for them to participate in bond auctions by the supranational and its sister issuer, the European Financial Stability Facility.

CPPIB Capital, which mandated banks for a five year benchmark on Friday, has postponed the deal in the face of a hostile market rocked by volatility engendered by the Covid-19 coronavirus outbreak.

ING was praised for pricing a coupon of 4.875% in what was the only financial institution trade of the week in the euro market. The lender had to brave much tougher market conditions in its second attempt at this bond issue, having pulled its first attempt amid news of its chief executive jumping ship.

Artificial intelligence company Megvii Technology's Hong Kong IPO prospectus is set to expire on Tuesday. The company, which delayed its deal earlier in February, plans to resubmit a listing application, according to a source familiar with the matter.

AK Medical Holdings has raised HK$803m ($103m) from a top-up placement of new shares that was launched on the back of a near 80% jump in its stock price year-to-date.

JP Morgan grabbed the record for the lowest yielding preferred security issue this week, as investors continued to pour cash into the asset class.

ING left its investors bemused on Wednesday, when it decided to pull the additional tier one (AT1) bond it was marketing on the basis of undisclosed information it had received. After the news of its chief executive’s move to UBS quickly became public, the door was left open for the bank to complete the trade.