Morgan Stanley
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China’s challenger to Starbucks, Luckin Coffee, has raised $979.6m after increasing the size of a combined sale of new shares and a convertible bond, the first tap of the ADS equity-linked market in 2020. -
Mainland-based property developer Sunac China Holdings has raised HK$8bn ($1.03bn) after issuing a chunk of new shares.
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Improved market conditions and a more realistic pricing target allowed a failed deal in December from a local government financing vehicle (LGFV) to sail through this week, while two more property developers joined an offshore funding spree from the sector.
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Chinese technology company Tencent Holdings is set to sign a €1bn club loan to support its acquisition of a stake in Universal Music Group.
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The 2020 syndicated loan market has made a far slower start to the year than in 2019, with not even $1bn of deals signed globally. Some bankers fear this is set to be another tepid year for European loans.
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Investors piled into the euro public sector bond market on Wednesday, allowing borrowers to achieve well subscribed order books and minimal new issue concessions for a range of maturities.
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A Dkr6.4bn (€856m) block of shares in Danish renewable energy firm Ørsted reopened the EMEA ECM market on Tuesday evening and attracted huge investor demand for the stock — including from ESG investors.
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Luckin Coffee, China’s answer to Starbucks, has launched a combined follow-on offering and convertible bond issue to raise up to $821m.
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A number of Chinese real estate companies kicked off their refinancing for 2020 on Monday, with higher rated issuers tapping longer-dated bonds and the weaker names actively engaging in liability management.
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The Export-Import Bank of India clinched $1bn from a 10 year bond on Monday, riding on investor enthusiasm for deals from the country.
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Air France KLM has mandated banks for a five year euro bond. The appearance of an unrated issuer so early in the year is being seen as a sign of the market’s strength.
