Goldman Sachs

Goldman Sachs’ co-head of China investment banking Hansong Zhu is retiring after 19 years with the bank, according to an internal memo seen by GlobalCapital Asia.

Dollar volumes proved higher than expected as the US investment grade market roared back to life following earnings blackouts, with a string of front-loaded deals ahead of the Fed’s meeting on Wednesday.

Zhenro Properties Group returned to the dollar bond market for the ninth time in 2019 on Wednesday. The real estate borrower raised $300m from what is likely to be its last deal of the year.

Germany’s Daimler and the Netherlands’ KPN were out for euro bonds on Wednesday. High grade corporate bond players kept an eagle eye on the trades to see what shape the European Central Bank’s bond buying programme would take this time round.

ESR Cayman has raised HK$12.6bn ($1.6bn) from its Hong Kong IPO after pricing the deal at the mid-point of guidance and exercising the greenshoe in full, according to a source familiar with the matter.

Shanghai Pudong Development Bank Co priced a $300m floating rate note (FRN) at just a marginal premium over the curve of the big four Chinese lenders.

Wells Fargo made a stylish return to the dollar market on Thursday following its earnings blackout, by printing a $6.5bn callable trade.

JP Morgan changes line-up for energy and utilities, multi-nationals, UK ECM and UK M&A — UniCredit swaps out CEE investment bank head — Pigasse exits Lazard

The Republic of Indonesia raised more than $2bn from a dual-currency bond sale on Wednesday, taking some of the market by surprise with its opportunistic move.

Warehouse construction firm and lessor ESR Cayman relaunched a bigger Hong Kong IPO this week, four months after pulling its first listing attempt because of volatility. But a revamped syndicate team and positive momentum in the local IPO market have given the new deal some impetus, writes Jonathan Breen.

Chinese state-owned commodity chemicals producer Shanghai Huayi (Group) Co has sold an almost 10 times covered five year bond, while Yuzhou Properties Co raised $500m to fund a tender offer. Two local government financing vehicles also made their offshore debuts.

Bain Capital-backed market research business Kantar showed this week that investors still have some bite in the high yield market. Buyers forced the issuer to flex numerous covenants, tinker with the tranches, delay the issue and consent to unusually juicy coupons. The deal may not be a sign of things to come, however, as Crown waltzed through its bond launch, setting a new low coupon record for a fixed rate bond.