JP Morgan

A stunning rally in Innovent Biologics caught the market’s attention this week, after the shares surged as much as 46% following their debut in Hong Kong on Wednesday. But whether it marks a turning point for the city’s biotechnology listings — which have performed dismally in the secondary market so far — is less clear, writes John Loh.

Agricultural Bank of China's Hong Kong branch became one of only two issuers to print floating rate notes (FRNs) in October, raising $800m on Wednesday.

Bahrain’s Oil and Gas Holding Company (Nogaholding) has released initial price guidance for a dual tranche six year and 10 year bond issue. An investor said he was expecting minimal tightening before pricing.

Bahrain’s Oil and Gas Holding Company (Nogaholding) is expected to open books on a dual tranche dollar bond as soon as Wednesday, in the country’s first test of debt markets since the government received $10bn in support from its neighbours.

Four mainland technology companies kicked off pre-deal investor education for their Hong Kong IPOs on Monday, gauging the market’s appetite ahead of bookbuilding in early November, according to sources close to the listings.

Nova Ljubljanska Banka (NLB), the largest bank in Slovenia, has fixed the price range for its €734m IPO in London and Ljubljana, after a positive response from investors during pre-marketing.

Philippine conglomerate San Miguel Corp raised Ps34.1bn ($634.2m) on Thursday after selling shares in subsidiary San Miguel Food and Beverage at the bottom of the price guidance.

Innovent Biologics, the fourth issuer to ride the wave of Hong Kong’s biotechnology IPOs, was so popular with institutional investors that allocations caused a headache, said bankers.

Singapore’s Reit issuers are proving a resilient lot when it comes to fundraising in the equity markets, with the latest deal from Capitaland Mall Trust taking this year’s tally to $2.3bn.

Rating: B2/—/B+

Ukraine raised $2bn with a dual tranche offering on Thursday, returning to capital markets in benchmark size for the first time in more than a year, fresh from its agreement with the International Monetary Fund (IMF).

Two Middle Eastern borrowers printed seven year sukuk dollar benchmarks on Wednesday, restarting the market after a few weeks of flagging issuance.