JP Morgan
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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.
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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.
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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.
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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.
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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.
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US medical technology company Stryker had to wait longer than it planned for its debut in the European corporate bond market, but when the chance to launch the deal came on Tuesday, it achieved the hat-trick of tranches it was aiming for with an extra one added for good measure.
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Four borrowers piled into the dollar bond market on Thursday, adding to one of the busiest weeks of the year despite tough market conditions. UK telecoms company BT led the charge with a $1.35bn two-part deal.
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A pair of socially responsible deals from public sector borrowers failed to set the market alight this week. The order books were only marginally oversubscribed and the spreads did not tighten from the initial price thoughts.
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The European Investment Bank this week brought its first dollar floating rate note linked to the Secured Overnight Financing Rate (Sofr) — the likely replacement for dollar Libor — and set two landmarks for the fledgling benchmark. But one of those, on the coupon calculation, truly sets it apart from the other Sofr FRNs to come so far. As Craig McGlashan reports, it also creates an intriguing market choice as the financial sector prepares for a world without Libor.
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Shareholders have waved through The Restaurant Group’s (TRG) £559m debt and equity-funded purchase of UK Asian-themed restaurant Wagamama, despite a large portion of those voting opposing the deal.
