JP Morgan

Hong Kong-based UMP Healthcare Holdings is seeking an IPO in the city, with the firm lodging a listing application with the stock exchange via sole sponsor JP Morgan.

Korea Development Bank (KDB) staged a successful return to the international debt market on September 9, selling an SEC registered 10 year trade. The policy bank’s success is expected to encourage more Korean names to follow suit, but bankers are not necessarily expecting a rush of issuance.

The Japanese equities market is set for a huge bump in IPO volumes following the announcement that the ¥1.39tr ($11.5bn) triple listings of Japan Post will launch in October.

The Export-Import Bank of China (Chexim) introduced a new structure into Asia’s debt market this week, becoming the first issuer to sell bonds backed by loans. Some investors shied away from the unfamiliar format, but the Chinese policy bank raised $1bn from the dual tranche offering.

The China foreign exchange trade system (CFETS) published a list of the first institutions to be granted access to the Chinese interbank bond market (CIBM) since a streamlined programme was introduced in July.

This week’s encouraging run of equity block trades continues this evening (Wednesday September 9) with a sale of 10% of Inmobiliaria Colonial, the Spanish property company, worth about €190m.

A pair of supranationals have unveiled plans to bring bonds with an environmental flavour. One issuer may delight European Central Bank officials with a super rare appearance in euros.

A pair of Asian agencies have tackled the long end in dollars, but despite attracting big order books and setting spreads at the tight end of guidance, bankers stressed the deals should not be taken as a sign that the dollar market is back to full strength.

Belgium is out with the longest dated deal from a sovereign, supranational or agency — outside the emerging markets — since February. And it is drawing a rip-roaring response which could encourage other issuers to look at the long end.

Asian bond issuers have finally decided to venture back into the market with a trio of investment grade names opening books to dollar deals. Export-Import Bank of China (Chexim), Shanghai Pudong Development Bank and Korea Development Bank are vying for attention in the first test of investor demand in three weeks.

Belgium has mandated for the first fixed rate benchmark longer than 20 years in the sovereign, supranational and agency sector in euros since February, while an Austrian agency also found demand at the long end of the euro curve.

The European Stability Mechanism has added another chapter to the euro market’s autumn renaissance with the largest benchmark from a supranational or agency in 18 months.