JP Morgan

Lotte Chemical Titan sealed the largest Malaysian IPO in nearly five years this week, raising MR3.8bn ($884.0m). But the deal was anything but pretty. After a bungled first attempt at building a book, the issuer was forced to return with a smaller offering and lower price range. Jonathan Breen and John Loh report.

Zhongyuan Bank’s HK$8.34bn ($1.1bn) IPO in Hong Kong was well covered as of Thursday morning, according to a banker at one of the leads.

Two firms from China’s new economy sector, which are backed by technology companies Alibaba and Tencent, plan to tap equity investors for over $2bn in their Hong Kong IPOs.

Two Chinese banks sold dual tranche floating rate dollar bonds this week, taking advantage of the market’s enthusiasm to raise a combined $1.8bn. But the eagerness for the format appears to be waning.

Gazprom will return to Switzerland next week for roadshows in Geneva and Zurich. And, as retail taste for sub-investment grade credit grows, the bookrunners are confident the Russian gas firm will attract demand.

While the US enjoyed its Independence Day holiday on Tuesday, European corporate bond markets were jump started by AA Bond Co. The UK motoring organisation announced a £250m ($324.33m) no-grow six year deal as part of plans to reduce overall borrowings and associated interest costs.

Malaysia-based Lotte Chemical Titan Holding has sealed its MR3.8bn ($884.0m) IPO at the bottom of guidance after reopening the deal on Monday at a lower price range and smaller size.

Guangdong Hengjian Investment Holding raised $500m from its debut bond on Monday on the back of nearly six times demand. The issuer priced the notes inside its comparables, a feat possible thanks to its status as a provincial-level state-owned enterprise and a quiet primary market.

Bank of China Hong Kong became the latest bank to join a rush of floating rate issuance on Monday, closing a dual-tranche deal.

A new Zurich IPO began investor education on Monday, of electric meter maker Landis & Gyr, based in Switzerland. “It’s big,” said a banker on the deal, which may come at about $2.25bn to $2.75bn.

The leveraged loan market is set to take in one more issuer from the high yield bond market as French jewellery retailer Thom Europe looks for new term loans to redeem all of its bonds.

Malaysian petrochemical firm Lotte Chemical Titan Holding has relaunched its up to MR5.9bn ($1.4bn) IPO and is taking orders for a day, slashing the price range and offering size to secure additional long-only investors.