JP Morgan

Chinese hotel company Huazhu Group has returned to the equity-linked market, raising $450m from a bond convertible into its American Depository Shares (ADS).

Chinese company Kingsoft Cloud Holdings has raised $510m after boosting the size of its Nasdaq float.

Despite a crash in dollar swap spreads as the US Treasury announced a record borrowing binge this week, SSA bankers remain bullish on supply, with KfW rumoured to be plotting a return to dollars after leaning heavily on euros for its benchmark funding this year.

The merger of the UK’s largest mobile phone operator, O2, with cable company Virgin Media, agreed on Thursday, will generate a £6bn financing need which the parties want to complete before the deal closes, expected to be in 2021 — and later on, it could lead to an IPO, say sources close to the deal.

The Kingdom of Bahrain moved emerging markets’ bond recovery beyond top tier issuers on Thursday as it printed a $2bn dual tranche dollar trade that raked in $11bn of demand.

Rentenbank jumped into a quiet Kangaroo market on Thursday to print its first Australian dollar bond since August 2019.

China Petrochemical Corp (Sinopec) priced a $3bn bond through its curve on Wednesday after investors flocked to the triple-tranche transaction, leading to a peak book of $23bn.

The record-breaking pace of US corporate bond issuance shows no sign of abating as more than 20 issuers from across the ratings spectrum dashed out of earnings to issue this week, amid red-hot funding conditions.

The Kingdom of Bahrain has mandated banks to arrange a dual tranche bond transaction that is set to test the depths of Gulf Cooperation Council (GCC) recovery in EM bond markets.

Issuance in the financial institutions bond market had a preferred senior flavour this week, with issuers finding this the most cost-effective funding compared with other asset classes. In addition, some of them can use it to fulfil regulatory requirements.

World Bank has picked banks for a 10 year dollar benchmark — the first in the SSA market since October 2019. The bond is a sustainable development bond, focusing on the health and well-being UN Sustainable Development Goal.

German meal kit delivery company HelloFresh has issued a €175m debut convertible bond to fund growth opportunities after reporting stellar first quarter results, as more consumers dine at home because of the restrictions imposed to help combat the Covid-19 pandemic in its key markets.