Goldman Sachs

Investor sentiment is turning against primary emerging market bonds. Investors’ newfound discipline, a host of new issues in the market, and a volatile backdrop has meant that several trades this week were letdowns. Now, investors are vowing to be more cautious in the coming weeks. Even if US rates are cut further, yield no longer trumps all other concerns, writes Francesca Young.

Chinese sportswear retailer Topsports International Holdings has raised HK$7.9bn ($1bn) from its IPO on the Hong Kong Stock Exchange, pricing the deal just above the bottom of the marketed range.

There were no fireworks as the World Bank issued its longest ever euro benchmark on Wednesday, with the last book update showing a lower volume of orders than the deal size.

Dar Al-Arkan Real Estate Development Company has mandated eight banks to arrange a long five year Reg S benchmark sukuk and is starting the roadshow for the deal on Thursday.

Goldman Sachs has rejigged the senior leadership of its Asia ex-Japan mergers and acquisition team, according to internal memos seen by GlobalCapital Asia.

Wind Hellas, the Greek telecoms firm owned by GoldenTree and Cyrus Capital Partners, announced a new €500m 2024 bond on Tuesday to push out its maturities and lock in cash, ahead of Greece’s 5G auction. The deal}s terms allow Wind Hellas to pay a special dividend after selling its mobile phone towers.

A number of dollar bond issuers in Asia have moved to reopen their existing notes and add more funds to their coffers ahead of a week-long holiday in China for National Day.

Banco BPM and Abanca made use of favourable issuance conditions this week to beef up their capital buffers. The Italian lender priced the 10 year non-call five deal at a 4.25% coupon and the Spanish issuer priced its 10.5 year non-call 5.5 year bond at 4.625%.

The postponed listing of the We Company, owner of office provider WeWork, shows that IPO investors are disciplined in their search for growth stories. Banks should recalibrate their relationships with private capital providers, says David Rothnie.

General Electric has announced the early bird results of a multibillion dollar and euro bond buyback and cut the offer period after a huge response from early deadline investors.

HSBC has finalised its new corporate broking line-up, after a review conducted by its chief financial officer Ewen Stevenson. It has hired Morgan Stanley and Bank of America Merrill Lynch as brokers, replacing Goldman Sachs and Credit Suisse.

Nasdaq-listed Pinduoduo became the latest in a growing line of Chinese companies to tap the US convertible bond market, pocketing $875m after pricing its debut issuance at the tight end of guidance.