Goldman Sachs

Alibaba Group Holding navigated every roadblock on its way to a $7bn issuance on Wednesday, sealing the second largest corporate bond from Asia after its own $8bn debut three years ago. The unexpected sell-off in tech stocks and US Treasuries posed only a small challenge to the tech giant’s debt market return, writes Addison Gong.

Greece was able to exchange more than €25bn of old bonds for new assets in an exercise designed to normalise the borrower’s curve. The offer ended on Tuesday, in the midst of discussions about the conditions that will be attached to Greece’s next tranche of emergency loans.

Europe's IPO market may be winding down, with only small, niche deals still being announced, but block trades are popping. This is likely to lead to a nail-biting finish in the league table race.

Srei Equipment Finance, a wholly-owned subsidiary of Srei Infrastructure Finance, filed a draft prospectus for its IPO with the Indian market regulator on Tuesday.

Tech giant Alibaba Group Holding is taking bids for a five-tranche transaction, putting its focus on the longer end of the curve. Hopes are high for yet another impressive deal from the Chinese firm, which last stunned the market in 2014 with the largest G3 bond on record from Asia ex-Japan.

Inmobiliaria Colonial, the Spanish property company, has raised €416m to partly finance its bid for rival Axiare Patrimonio.

In what is turning out to be a busy week for block trades, shareholders in Etalon Group, one of Russia's biggest residential property developers, are tonight selling a 10% stake in the company worth $109m, in the form of London-listed GDRs.

Koninklijke Philips, the Dutch healthcare technology company, sold a 12% stake worth €564m in its spun-off subsidiary Philips Lighting on Tuesday through its third accelerated bookbuild in the stock. It was priced at a 3% discount at €32 a share, but traded down on Wednesday and Thursday.

The IPO of Adnoc Distribution, the petrol stations business of Abu Dhabi’s state oil company, was covered at its base size, three working days into the bookbuild.

As fund managers fill their pockets with corporate leveraged finance debt, borrowers like BMC Software are taking advantage of strong conditions to slash funding costs across their financial structure.

The three corporate bond issuers who sold new issues in euros on Tuesday offered something short, something intermediate and something long. The shorter tranches benefitted from the most interest.

Punjab National Bank is selling a 6% stake in PNB Housing Finance worth Rp13.3bn ($206.3m) through the offer-for-sale method.