Goldman Sachs

Zhuhai Huafa Group completed Asia’s first offshore renminbi denominated bond in close to a month, raising Rmb1.5bn ($235m) with a three year offering on November 18.

Bankers and investors on Wednesday said the failure of Veritas Technologies' $2.5bn bond deal — which was pulled along with an accompanying $3.3bn loan package on Tuesday — showed evidence of familiar weaknesses and errors in the European high yield market.

The weakness of the US leveraged finance market was brought home to market participants with a jolt on Tuesday, when the Carlyle Group, which is buying Veritas Technologies, a US data storage company, abandoned its attempt to raise $3.3bn of debt for the deal.

Mondelez International, the US snacks group that owns Cadbury and Oreo, satisfied its taste for long dated sterling debt on Tuesday, reaching far out along the curve to issue a £400m 20 year bond.

Zhuhai Huafa Group (Zhuhai Huafa), a company closely involved with urban planning and development, is set to return to the dim sum bond market with a three year offering in the near future, GlobalRMB has learned.

Funding Circle, the peer-to-peer service that lends to small and medium-sized enterprises, is expected to close the initial public offering for its new fund on Tuesday next week. By Monday, it was not yet covered.

US corporate bond issuance in Europe - so-called reverse Yankee bonds - has steadily regained strength this autumn and could be followed by issuers from elsewhere in the world selling euro bonds.

Veritas Technologies, the Californian data storage company, has increased its high yield bond issue to make up for a disappointing loan financing. But initial price talk has yet to emerge.

UNV Digital Technologies has begun gauging investor appetite for its $150m IPO in Hong Kong, as the Bain Capital-backed firm gets ready to list.

Neil Slee has been promoted to managing director at Goldman Sachs, after three years at the firm. He is head of emerging markets bond syndicate.

China State Construction Engineering Corp (CSCEC) has made its offshore debut with a Reg S five year dollar issue. The firm braved a market that was crowded with four other dollar deals and still managed to come inside its fair value.

The green bond market was home to a pair of firsts this week, as one seasoned issuer sold its first ever bond in any format at a tighter spread to US Treasuries than mid-swaps, and another made its debut in the SRI format.