Goldman Sachs

Mainland telecommunications infrastructure giant China Tower raised HK$54.3bn ($6.9bn) this week after getting its mammoth float across the line at the bottom of guidance.

A storming first half for deal making in Europe is set to run into the rest of the year as banks report full pipelines and high levels of corporate confidence. But not all firms are benefiting, writes David Rothnie.

Europe’s leveraged finance markets are having a hard time slowing down for their traditional summer break. Investors are willing to keep deploying cash and issuers are responding, with several deals scheduled to be priced in the next two weeks.

KWG Group Holdings raised $350m from a three non call two year bond on Tuesday, but an aggressive tightening of 32.5bp resulted in the order book dropping by half from its peak.

India’s HDFC Bank has raised $2.22bn through a qualified institutional placement and a concurrent sale of American Depository Shares (ADS).

BeiGene had covered books for its HK$7.3bn ($933m) IPO in Hong Kong by Tuesday morning, just two days after the deal hit screens.

WiZink Bank sold its buyout payment-in-kind (PIK) bonds in the euro high yield market this week, a rare opportunity for high yield investors given the slim volumes from the financial sector and Iberian issuers this year.

A short-term rally in credit markets is doomed to come to an end in the third quarter, according to analysts at JP Morgan, who predict that a familiar combination of economic and political concerns will cause volatility to raise its head once more.

BeiGene is set to become the first issuer to sell shares under new rules in Hong Kong, after the exchange moved to encourage secondary listings by overseas-traded companies.

Värde Partners plans to fund the acquisition of Spanish consumer credit bank WiZink with payment in kind (PIK) notes, a type of high yield issuance that borrowers have barely used in the last 18 months.

Prologis, the US warehouses Reit, found a very warm reception to its first euro benchmark issue since 2015 this week, leading bankers to surmise that other reverse Yankee issuers might follow it to the euro market.

China Aircraft Leasing is back with a $790m borrowing, pushing for a longer tenor to support its aircraft purchasing.