Goldman Sachs

Pharmaron Beijing Co brought the first renminbi-linked but dollar settled convertible bond to the market in nearly five years this week, raising $600m from the dual tranche deal. Bankers called it a ‘smashing success’ and said the issue pipeline from the pharmaceutical sector is strengthening. Rashmi Kumar reports.

Enel, a long term sustainable finance champion, took €10.4bn of orders for its triple tranche sustainability-linked notes this week, but needed to pay up for longer maturities as inflation worries persisted.

Italy scored its second 10 year BTP syndication of the year on Tuesday as it took advantage of less volatile market conditions ahead of a crucial European Bank governing council meeting on Thursday. Greece will follow with a syndicated tap of its outstanding 10 year bond on Wednesday.

Emirates Development Bank, which last entered the bond market with its debut in 2019, is one of many FIG borrowers from CEEMEA planning to tap investors this week.

Buyers piled into a debut sustainability-linked bond from Italian oil major Eni on Monday, despite there being some pushback from investors over higher polluting issuers coming to the ESG markets.

Piraeus is set to become the first Greek bank to print an additional tier one (AT1) bond — the next step in its capital plan after the closing of its €1.4bn equity raise last month.

Lloyds Banking Group became the latest name to wade into a rampant subordinated sterling market this week, pricing a £500m tier two note on top of fair value.

Chinese online recruitment company Kanzhun has hit the road with an up to $912m Nasdaq listing.

China Youran Dairy Group and Carsgen Therapeutics Holdings have both rolled out their Hong Kong IPOs.

Europe’s corporate bond market has seen an influx of ESG deals from highly polluting sectors, testing how much environmentally and socially conscious investors buy into firms' transition stories.

Angelalign Technology, a Chinese dental care company, hit the market on Thursday with an IPO of up to HK$2.91bn ($375.3m).

Citi has hired Chuck Adams from Goldman Sachs to oversee a newly formed investment banking unit combining the traditional healthcare sector with consumer and retail coverage.