Goldman Sachs

Goldman rejigs FIG team — BNY Mellon names China head — Sebi quickens IPO listings

Chinese hotpot chain Haidilao International Holding pulled off top-end pricing for its HK$7.56bn ($963.3m) Hong Kong IPO this week, wooing institutions with its unique story. But the lukewarm response from retail investors is being viewed as a blessing in disguise for allocations — and hopefully for the stock’s aftermarket performance. Jonathan Breen reports.

Mapletree Logistics Trust sealed its second overnight fundraising for the year and its largest follow-on offering in a decade on Wednesday, bagging S$375m ($274m) to acquire properties in Singapore.

Four Chinese high yield issuers sealed bonds on Wednesday, when a total of nine deals were priced in the primary market in Asia ex-Japan, making it the busiest day in the region in months.

Dollar investors gave public sector issuers something to think about on Wednesday, as a pair of SRI bonds had very different receptions. One aggressively priced deal struggled to reach full subscription while another offering some concession grew by a half. World Bank is up next in the currency, though in conventional format, and bankers believe the trade will indicate the market’s direction.

A private equity investor sold down its stake in South Korea’s Celltrion Healthcare on Tuesday evening to raise W401.3bn ($356.4m), with the shares so highly coveted that all orders had to be reined in aggressively.

Two state-owned companies from Shenzhen and Sichuan managed to woo investors to their dollar bonds on Tuesday, thanks in part to the strong credentials of their respective provinces.

WuXi AppTec has filed for a possible $1.9bn dual listing in Hong Kong after making a splash with its Shanghai IPO in May.

The strong demand that has permeated the dollar market over the last few weeks showed no signs of abating on Tuesday, as a pair of borrowers issued benchmarks that were comfortably oversubscribed.

Cassa Depositi e Prestiti on Tuesday brought the first syndicated SSA supply from Italy since a large sell-off in BTPs began in May — and investors appeared happy with the risk, allowing tightened pricing and a well-oversubscribed book. The sustainability bond came amid a flurry of SRI deals.

US firm Marsh & McLennan Companies will buy UK insurance company Jardine Lloyd Thompson (JLT) for around £4.3bn, with a Goldman Sachs bridge loan due to do most of the deal’s heavy financial lifting.

Goldman Sachs has named a new head of the financial institutions group in Asia Pacific ex-Japan, and a new co-chairman for global FIG.