JP Morgan

China’s answer to Tesla is set to make a splash with its New York IPO. Nio is preparing a multibillion-dollar listing that will test investor appetite for the booming electric car industry. John Loh reports.

The summer break in European corporate bond markets has shortened in recent years to as little as two weeks in August, but investors know that the dollar market is always an option.

An overnight sell-down in Malaysia’s RHB Bank raised MR609.9m ($148.9m) for its Middle Eastern shareholder on Tuesday. The deal finally went ahead after a period of election-related uncertainty.

The UK’s Petrofac has turned to bilateral financing to reduce its reliance on its existing revolving credit facility, with three banks providing the oil and gas services company with separate credit lines.

Nio, a Chinese electric car company, has started sounding out investors for its IPO on the New York Stock Exchange with an indicative size of $1.8bn.

Shares in Aryzta, the bakery listed in Ireland and Switzerland, fell as much as 10% on Monday morning after the company said it plans to raise €800m via a rights issue to shore up its balance sheet after a series of profit warnings this year.

Shinhan Financial Group Co’s debut dollar Basel III additional tier one (AT1), priced on Tuesday, sparked a debate between Asian bankers, analysts and investors. The deal was rare, being issued through the bank’s holding company rather than using the opco structure which is much more common in Asia. That left many wondering what premium, if any, issuers must pay for holdco deals, writes Addison Gong.

Shinhan Financial Group Co on Tuesday issued its debut dollar Basel III additional tier one deal at the holding company level, becoming one of the very few Asian issuers to have done so. But bankers, analysts and investors were split on whether and how much the holdco premium was because of a lack of precedents in Asia.

Kommunalbanken's sterling tap was the sole deal in the public sector market on Tuesday, following a similar transaction by Bank Nederlandse Gemeenten on Monday.

Speculative grade debt buyers believe borrowers will keep deleveraging, according to an August credit investor survey by Bank of America Merrill Lynch. But fund managers also think the market is failing to price leverage correctly.

Bank Nederlandse Gemeenten kept the sterling tap running as the sole deal in the primary SSA market on Monday, with a Norwegian agency lining up to follow it on Tuesday.

The International Finance Corp drew one of the highest BondMarker scores of the year so far with its return to five year dollars after two years away. The trade came in a week of few, but very well received, deals, with the European Stability Mechanism scoring its highest average score of 2018 so far.