JP Morgan

Rao to lead HSBC’s Southeast Asia corporates team – JP Morgan names Asia DCM head

Hong Kong rolled out the first of its education sector IPOs this year on Monday, as China Xinhua Education Group kicked off bookbuilding to raise HK$1.5bn ($188m).

Tullow Oil, the group based in London that has most of its operations in Africa, was on course to print its new high yield bond in the 7% area this week. It was attracting interest from pension funds in need of assets with high returns, according to sources.

China-based GreenTree Hospitality Group has kicked off bookbuilding for an up to $349.2m IPO on the New York Stock Exchange, according to a filing with the US market regulator.

Gazprom made full use of its newly regained fully investment grade status on Wednesday to raise a larger than indicated €750m, flat to its indicative curve. The deal is the issuer’s longest euro denominated bond to date.

Sanofi, the French pharmaceutical company, priced on Wednesday the largest corporate bond deal so far in 2018, an €8bn six-tranche deal. The company regularly uses a multi-tranche approach to the market, but this was its largest deal so far in any currency.

Gazprom opened books on an eight year euro transaction on Wednesday, having recently regained three investment grade ratings for the first time in several years.

Dubai-based developer Majid Al Futtaim printed its third hybrid bond on Tuesday, a $400m perpetual non-call eight year. In the absence of a strong Asian bid, real money European investors anchored the book.

The IPO of Siemens Healthineers, the healthcare technology division of Siemens, is covered throughout its revised price range, according to a banker involved in the transaction.

Abu Dhabi Commercial Bank has named leads for its first publicly distributed dollar bond for three years.

Payments service provider Huifu Payment is looking for the green light to list in Hong Kong, having filed a draft prospectus with the city’s bourse on Tuesday.

After a reasonable wait, investors are starting to see the more frequent investment grade corporate bond issuers return to the market. On Tuesday, French materials company Saint-Gobain and French telecoms operator Orange sold benchmark deals and UK media company WPP sold a dual-tranche issue.