Goldman Sachs

Chinese property borrowers reopened Asia’s primary dollar bond market on Monday, with four issuers raising nearly $2bn between them following solid demand from investors.

A trio of Chinese companies, including healthcare technology provider Yidu Tech and television series producer Strawbear Entertainment Group, kicked off their IPOs in Hong Kong at the end of December as they prepare to be the first new firms to start trading on the bourse in 2021.

US-listed Chinese companies have raised more than $12bn from equity investors in the past month, with iQiyi becoming the latest to simultaneously sell a convertible bond and price a follow-on offering of its American depositary shares. With valuations soaring for many of these stocks, bankers expect more issuers to jump into the market in 2021, writes Jonathan Breen.

Chinese streaming platform iQiyi has kicked off a combined convertible bond and follow-on offering that could raise around $1.7bn.

Pirelli, the Italian tyres company, has issued its first convertible bond since its re-IPO on the Milan Stock Exchange in 2017, raising €500m.

AstraZeneca, the UK pharmaceuticals company, has lined up $17.5bn of bridge loans from three banks to back its $39bn acquisition of US biotech firm Alexion.

Chinese healthcare technology company Yidu Tech is set to begin drumming up demand for its Hong Kong IPO after winning listing approval from the city’s bourse.

Ukraine, which has proven itself a favourite of emerging market investors this year, has slipped into international markets for a small dollar tap before year-end. The trade comes amid strained negotiations between Ukraine and the IMF over the disbursement of emergency funding.

Two European banks ventured across the Atlantic this week to tap a dollar market that has remained open for business going into mid-December.

New MENA heads at Citi and Goldman Sachs — Julia Hoggett moves from FCA to LSE — LBBW hires Sim for Asia team

Singapore-based consumer internet company Sea, whose New York-listed shares have soared by more than 400% this year, is looking to take advantage of that positive sentiment to raise around $2bn from a new equity offering.

Goldman Sachs is leading the race to fully own a Chinese securities company. It has agreed to buy all the outstanding shares in its 16-year old joint venture, Goldman Sachs Gao Hua Securities, from its onshore partner.