JP Morgan

Puxin and VCredit Holdings, both of which launched IPOs earlier this week, were covered on their first day of bookbuilding.

Hua Medicine has filed for an IPO in Hong Kong under sponsors CLSA and Goldman Sachs, as the promised pipeline of biotechnology issuers begins to materialise following the city’s new listing rules.

Romania has released initial price guidance for a dollar bond offering around a 30bp-40bp pick-up over its outstanding curve, according to a banker away from the deal.

The Republic of Croatia pulled pricing for its €750m 2.7% 2028 bond 30bp tighter than initial price guidance on Wednesday, bringing the reoffer spread nearly flat to the outstanding curve.

The Federal State of Berlin printed a 15 year trade on Wednesday — its first €1bn bond since 2015, according to Dealogic. The trade was joined by a five year from Corporación Andina de Fomento.

Swiss Re, the reinsurance group, returned to the equity-linked debt market on Wednesday with a deal that reinforced this issuer’s reputation for financial innovation: a $500m equity-neutral convertible bond that also acts as a contingent convertible security — except with more flexibility for the issuer.

The Republic of Croatia released initial price guidance for a 10 year bond on Wednesday morning and books for the deal are already in excess of €1.3bn.

Two Chinese online platform businesses will start pre-deal investor education for their Hong Kong IPOs on Thursday, according to bankers.

DS Smith, the UK packaging company, has offered to buy Spanish rival Europac, with £1.65bn of financing underwritten by US banks already prepared for the transaction.

The IPO of Adyen, the Dutch payments company, which is one of the most anticipated listings in Europe this year, has got off to a good start, with the book covered throughout the range just over an hour after being opened.

Marc Lewell is returning to London after three years running JP Morgan’s Asia-Pacific syndicate, prompting the appointment of a new head of the desk.

Swiss telecommunications group Salt Mobile was this week looking to replace most of its debt capital structure with Sfr2.085bn-equivalent (€1.8bn) of new bonds that have weaker covenants, as the high yield market overcomes a recent bout of eurozone volatility.