Morgan Stanley
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China’s Simcere Pharmaceutical Group is seeking the green light to float on Hong Kong’s stock exchange after filing a listing application with the bourse. -
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Conditions in the financial institutions bond market worsened this week but plenty of senior and subordinated bonds still got away. With credit spreads unpredictable, the supply outlook remains favourable, said bankers.
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Nationwide Building Society was able to tighten pricing by 50bp on the sale of an additional tier one bond on Wednesday, landing at a 5.75% coupon. The new issue will increase the bank’s leverage ratio, which went down last year amid a net redemption of tier one debt.
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UPL Corp broke a month-long absence of Indian issuers in the international debt market, raising $500m from investors.
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SK Biopharmaceuticals has begun bookbuilding for its up to W959.3bn ($804.9m) IPO. It is set to be South Korea’s first listing in 2020.
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China Yongda Automobiles Services Holdings has added HK$994.8m ($128.4m) to its coffers after selling a chunk of stock in a top-up placement.
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Chinese electric vehicle manufacturer Nio hit the US market with a follow-on offering of American Depositary Shares (ADS) on Tuesday.
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Three SSA borrowers hit the dollar market on Tuesday. The Inter-American Development Bank raised $4bn with a five year while Kommunalbanken tested the waters at 10 years. The World Bank joined them with a small but impressive bond linked to Sofr.
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There were no issues of competing supply on Tuesday as three eurozone sovereigns amassed big order books, buoyed by last week’s expansion of the Pandemic Emergency Purchase Programme (Pepp).
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Raiffeisen Bank International launched a tier two bond in euros on Tuesday with investors still showing strong appetite for risk. But a smaller order book for the trade suggested that market conditions might be softening compared with recent trading sessions.
