Goldman Sachs

Xiaomi Corp set its $10bn IPO in motion this week with an initial filing to the Hong Kong Stock Exchange. The move is a big win for the city, as the Chinese smartphone maker will be the first high-profile issuer to make use of Hong Kong’s new listing rules that allow founders to control a company with weighted voting rights (WVR). John Loh reports.

A solitary syndication from KfW broke the otherwise placid waters of the public sector debt market on Wednesday.

The Republic of Angola has released initial price guidance for its dual tranche bond, which a banker away from the deal said looked generous.

Huya, a live streaming platform backed by YY and Tencent, has started bookbuilding for its up to $180m IPO on the New York Stock Exchange.

GTT Communications, the US cloud networking provider, has mandated banks to arrange a dollar and euro loan of $2.87bn-equivalent for itself and a Dutch subsidiary. The deal will only go through if it completes its acquisition of Luxembourg’s Interoute.

Despite expectations of a slowdown in the pace of issuance in the European high yield market, two borrowers brought €2.9bn of new bonds this week. Both issuers, Spanish construction firm Aldesa and Italian banking payments group Nexi, marketed refinancing deals.

Bankers do not expect Moody’s downgrade of Angola last week will have any bearing on the price of the new issue, which is expected on Wednesday.

T-Mobile US has lined up $38bn of fully committed loans to finance its $26bn purchase of US telecommunications company Sprint.

Three firms have submitted their listing applications in Hong Kong as the city’s IPO filing season goes full steam ahead.

The London and Johannesburg listing of Vivo was covered today, two days after launch, good news for African equities after South African bottle producer Consol had to pull its IPO.

Higher oil prices, a new governing regime and an agreement with the International Monetary Fund are all expected to fire up demand for the Republic of Angola’s first Eurobond since 2015, though there is a question mark over how receptive the market will be for long dated debt.

Two issuers with double-B ratings, Darling Ingredients and Avast, achieved substantial financial cost savings with repricings this week, as pricing for top rated paper still looked attractive despite a recent uptick in spreads.