Goldman Sachs

Europe’s high grade corporate market continued to offer plenty of demand for riskier structures this week, with multiple hybrids again taking up screen space.

Japan’s Mizuho Financial Group came to the dollar market with a $2bn trade on Tuesday as it jumped ahead of the September funding rush.

A trio of European SSAs raised a combined $6bn with five year dollar benchmarks this week. Kommunalbanken, the European Stability Mechanism and Nordic Investment Bank all hit a “very deep pocket” of demand in the tenor.

Fast food franchise operator Yum China Holdings is cooking a multi-billion-dollar secondary offering in Hong Kong. It is the latest deal in a growing trend that bankers expect will bring more US-listed Chinese companies to the exchange by the the end of 2020, writes Jonathan Breen.

Solar glass manufacturer Xinyi Solar Holdings raised HK$2.7bn ($343.5m) on Wednesday, after boosting the size of a primary share sale.

Beijing Infrastructure Investment Co used a direct guarantee structure for its dollar bond return instead of a keepwell agreement, just days after keepwell deals sold by Peking University Founder Group were not recognised in a debt restructuring. The move paid off for the metro operator — bolstering the rating of its deal and helping it get away with tight pricing. Alice Huang reports.

The top investment banks will achieve substantially higher returns on equity this year, predicts analytics firm Coalition, after revenues in fixed income, currencies and commodities (FICC) soared in the first half of the year.

The European Stability Mechanism hit dollar the market on Wednesday with a five year benchmark — its fourth ever in the currency. Two Nordic issuers are set to follow suit on Thursday.

Corporate bond investors had another chance to pick up some spread on Tuesday after August had closed with a flurry of hybrids, with crossover trades from French nuclear power company Orano and Italian electricity company Enel.

The European Stability Mechanism (ESM) is returning to the dollar market for its fourth dollar benchmark, two weeks ahead of its scheduled funding window.

Erste Group Bank kept the tap open on subordinated supply in the euro market this week with a €500m 11-year non-call six deal.

Property manager China Resources Mixc Lifestyle Services is planning an IPO on Hong Kong’s stock exchange, getting the ball rolling with an application to the bourse this week.