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Goldman Sachs

  • Repsol, the Spanish oil company, brought a speculative grade rated hybrid capital bond on Monday but orders fell away towards the end of the execution process as debt bankers say investors are becoming more price-sensitive.
  • China’s Tuya, an internet-of-things cloud platform provider, has kicked off the roadshow for its US listing. It is aiming to raise up to $871.8m.
  • Former Olympic gymnast and billionaire entrepreneur Li Ning, founder of sportswear brand Li-Ning, has set up a blank cheque firm targeting the Chinese consumer sector.
  • Chinese internet giant Baidu has met with a rapid flood of early demand for its Hong Kong secondary offering, which is expected to raise around $3bn.
  • Rating: —/AA/AA
  • SRI
    Ahold Delhaize, the Dutch-Belgian supermarket group, priced its debut sustainability-linked bond 7bp inside fair value on Thursday, despite tricky conditions in the corporate bond market, showing that investors are gaining an appetite for SLBs and like new flavours, writes Mike Turner.
  • Secondary listings in Hong Kong got a fresh boost this week with online car marketplace Autohome pricing its deal and internet giant Baidu getting ready to roll out its transaction. More homecomings by US-listed Chinese companies are in the pipeline, but the number of viable candidates is shrinking, writes Jonathan Breen.
  • Coupang, a South Korean e-commerce company, scooped up $4.2bn from its IPO this week, after pricing the deal above the marketed range. It is the largest US listing from Asia since Alibaba Group Holding raised $25bn seven years ago.
  • Tricor Holdings is planning a return to the loan market to refinance a HK$2.8bn ($360m) borrowing it sealed in 2016 for a leveraged buyout by investment firm Permira.
  • A pair of French agencies hit the market on Wednesday, pulling off impressive deals ahead of the European Central Bank meeting on Thursday, where investors hope to hear promises of increased support.
  • US-listed Autohome, an online car marketplace, has wrapped up its HK$5.34bn ($687.8m) secondary offering in Hong Kong, pricing the deal even as its US stock dived amid a market rout.
  • Chinese internet company Baidu has filed updated offer documents for its Hong Kong secondary listing, the final step before it launches its potential multi-billion-dollar deal.