JP Morgan

Cinema operator Vue International cancelled its £833m-equivalent leveraged loan offering amid increasing investor aversion to sterling risk, as the UK government and Parliament descended into a full-blown clash over the conditions for separation from the European Union.

Almirall, the Spanish pharmaceuticals company, has issued its first convertible bond with an equity-neutral structure, having attracted “strong outright demand” from institutional investors, according to a banker on the deal.

At least three high-grade borrowers in the US bond market stood down on Thursday as supply windows snapped shut and scotched hopes of a final flurry of supply before year end.

German business software company SAP used its rarity value when it printed a €1.5bn triple tranche deal in March. However, that strategy may no longer be possible, after it sold the largest ever corporate bond priced in December to help fund its recently announced €8bn cash acquisition of experience management software provider Qualtrics.

WuXi AppTec is set to raise about HK$7.9bn ($1.1bn) from pricing its Hong Kong listing at the mid-point of the indicative price range, according to a source close to the deal.

The US and Hong Kong IPO markets saw a raft of companies trying to catch the last window for their listings before the year end, as the short-lived rally from the US-China trade war ceasefire did little to reassure ECM bankers and investors, writes Christie Ou.

Zhuji Development, a Chinese local government financing vehicle from the Zhejiang province, has made its international bond debut with a well-anchored deal.

Investor demand for more new issue premium forced China’s Citic Securities Co to price a smaller-than-expected $300m bond on Monday.

Tencent Music Entertainment Group has begun bookbuilding for its long-awaited $1.23bn IPO in the US, around two months after first gauging investor appetite.

Chinese brokerage Huatai Securities has won approval from the Mainland regulator to list Global Depository Receipts (GDRs) in London through the connect scheme with Shanghai.

JP Morgan blew open the dollar market with the first big US bank trade in more than an month and its first since reporting third quarter earnings on October 12.

Fosun Tourism Group, a subsidiary of Chinese conglomerate Fosun International, is being spun-off and has started bookbuilding for its HK$4.28bn ($547.19m) Hong Kong IPO.