Morgan Stanley

German business software company SAP used its rarity value when it printed a €1.5bn triple tranche deal in March. However, that strategy may no longer be possible, after it sold the largest ever corporate bond priced in December to help fund its recently announced €8bn cash acquisition of experience management software provider Qualtrics.

After its successful debut in the Chinese ABS market, Genius Auto Finance, the joint venture between Geely Automobile Holdings and BNP Paribas Personal Finance, scored an equally popular follow-up deal at an even tighter price.

WuXi AppTec is set to raise about HK$7.9bn ($1.1bn) from pricing its Hong Kong listing at the mid-point of the indicative price range, according to a source close to the deal.

Loans syndicate bankers in Asia are keeping busy until the end of the year with new deal launches from across the region.

The US and Hong Kong IPO markets saw a raft of companies trying to catch the last window for their listings before the year end, as the short-lived rally from the US-China trade war ceasefire did little to reassure ECM bankers and investors, writes Christie Ou.

China Vanke Co rode the positive momentum that followed the truce in the China and US trade war, raising $630m after an aggressive tightening in price. But the movements in the US Treasury market, including a curve inversion between three and five year notes, hit the secondary performance of the company’s bond.

Tencent Music Entertainment Group has begun bookbuilding for its long-awaited $1.23bn IPO in the US, around two months after first gauging investor appetite.

Peru set the final size of its new 10 year local currency benchmark at Sl10.35bn ($3.06bn) on Friday after allocating some Sl4.438bn of notes to investors participating in a tender for existing bonds.

Chinese brokerage Huatai Securities has won approval from the Mainland regulator to list Global Depository Receipts (GDRs) in London through the connect scheme with Shanghai.

China’s Kunming Dianchi Water Treatment has launched its debut offshore loan of $150m.

Australian coal producer Yancoal has raised HK$1.61bn ($206m) from its Hong Kong IPO after pricing it at the bottom of guidance.

Baidu’s video streaming platform iQiyi has raised $650m after pricing its bigger convertible bond at the investor friendly end of guidance.