Goldman Sachs

Mobile phone maker Xiaomi’s $1bn dual tranche loan has netted commitments from nine lenders in general syndication. The deal has been a popular one as bankers are eager to lend to the company that has ambitious plans for global expansion.

Subordinated perpetual bond issuance from Asian insurers is on the increase with a second insurer looking to follow Korean Reinsurance to the market next week. The low rate environment is proving conducive for high beta products like sub perps, according to bankers.

UK car breakdown recovery firm RAC has launched a £1.25bn loan to refinance debt and recapitalise its debt structure after the Government of Singapore Investment Corp became a shareholder in the company.

A grim secondary performance by Goldman Sachs’ debut sukuk has made it a soft target for anyone who holds that the Islamic market is not ready for such non-halal borrowers. But despite the performance, Goldman's sukuk will be remembered as the issuer which debunked the market purists' defences

Chinese real estate developer Country Garden Holdings got a red hot reception for its HK$3.18bn ($410m) rights issue on October 14 as the transaction ended up close to nine times covered.

A total of four shareholders including private equity firm CVC Capital Partners and cable operator First Media is in the market to sell Rph8.15tr ($668m) shares in Link Net in what could be Indonesia’s largest equity transaction of the year.

Agricultural Bank of China (ABC) took advantage of low US Treasury yields on October 9 to raise $300m via a newly established special purpose vehicle (SPV), Advance Wisdom Investments.

Hua Hong Semiconductor has raised HK$2.57bn ($332m) from its Hong Kong IPO, in a deal that saw the shares price close to the bottom of the range.

Unibail-Rodamco, the French property company, achieved tight pricing on its latest eight year euro issue thanks to strong demand from across continental Europe.

Goldman Sachs’ sukuk has provided a useful lesson for other conventional borrowers looking at the asset class. Opinions are divided on the merits of non-Islamic borrowers testing the market, but bankers both close to and away from the deal agree that a wider distribution would be better for future debuts.

High grade borrowers were thin on the ground in the US market this week as volatility roiled equities and earnings blackouts loomed large.

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