Morgan Stanley
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Chinese biopharmaceutical company Zai Lab has kicked off a follow-on offering of its American Depository Shares. It is aiming to raise around $300m. -
Two CEEMEA sovereigns are taking the plunge this week — the Kingdom of Saudi Arabia with a triple tranche dollar benchmark and Romania with a dual tranche euro bond.
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All of the dollar debt issuance from Greater China on Monday came from real estate companies, with six borrowers taking about $1.4bn between them.
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Issuers of additional tier one (AT1) capital have been more than 10 times subscribed for new deals on average in 2020 so far. This week's euro trade from Erste Group was no exception, with the €500m bond attracting €6.25bn of orders and a 'phenomenally tight' coupon.
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Thailand’s Central Retail Corp is on track to launch the country’s largest IPO, with bookbuilding for the deal set to open on January 20, according to a source familiar with the matter.
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Indonesia's Medco Energi Internasional and Bayan Resources raised more than $1bn between them from ultra-tight bonds on Thursday.
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A flurry of accelerated bookbuilds hit the Hong Kong market on Thursday night as issuers and investors squeeze through the last window for fundraising before companies go into earnings blackout and the Chinese New Year holidays.
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The dollar SSA bond market, unfettered by geopolitical volatility, enjoyed an excellent week, although it is still lagging behind the euro market in terms of overall supply.
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Credit Suisse became the first issuer of additional tier one (AT1) paper market in dollars this year, seizing the high levels of appetite for this asset class to print through fair value.
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Anta Sports Products made a stellar euro equity-linked debut this week, sealing a €1bn zero-coupon convertible bond at a negative yield. The deal had its share of challenges, but showed what is possible in a market that has seen a change in sentiment recently. Jonathan Breen reports.
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Turkey lender TSKB printed its $400m five year senior bond on Wednesday inside its own curve. The sale drew a $3.9bn book, allowing a big tightening from initial guidance to pricing. Following the clear success of the deal, other Turkish banks are expected to follow, starting with Isbank which was straight in with its own subordinated bond on Thursday.
