Goldman Sachs

Corporate bond issuers enjoyed tighter spreads and strong order books amid an improvement in issuance conditions as they jumped back into the dollar market this week.

Against seemingly insurmountable odds, Italian industrial company Carel has managed to price its initial public offering during a political crisis which has forced companies across the board to postpone or cancel deals.

Hong Kong was a hotbed of accelerated bookbuild activity this week as two biotechnology firms and a property developer raised a combined HK$6.7bn ($854m) in primary and secondary equity.

Puxin and VCredit Holdings, both of which launched IPOs earlier this week, were covered on their first day of bookbuilding.

Xiaomi Corp had its listing hearing with the Hong Kong Stock Exchange on Thursday, paving the way for investor education to begin on Monday if the IPO is approved.

UBS appoints Asia DCM syndicate heads – BNP’s SEA loan syndicate head to relocate – Morgan Stanley’s ECM co-head dies at 41 – Goldman DCM banker moves to Macquarie – CMS’s Chien moves to buy-side – Citi builds Oz team – Wong leaves HSBC

Hua Medicine has filed for an IPO in Hong Kong under sponsors CLSA and Goldman Sachs, as the promised pipeline of biotechnology issuers begins to materialise following the city’s new listing rules.

Two Chinese online platform businesses will start pre-deal investor education for their Hong Kong IPOs on Thursday, according to bankers.

Guangzhou R&F Properties Co raised $200m from a tap of its existing bonds on Tuesday, opting to reopen an old deal amid a challenging market environment.

Rentenbank on Tuesday sold what Dealogic data shows is its largest ever euro benchmark, while the State of North Rhine Westphalia visited the long end of the curve.

DS Smith, the UK packaging company, has offered to buy Spanish rival Europac, with £1.65bn of financing underwritten by US banks already prepared for the transaction.

Swiss telecommunications group Salt Mobile was this week looking to replace most of its debt capital structure with Sfr2.085bn-equivalent (€1.8bn) of new bonds that have weaker covenants, as the high yield market overcomes a recent bout of eurozone volatility.