North America
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Chinese online retailer of luxury goods Secoo Holding priced its $110.5m listing of American Depository Shares on Thursday, finding favour among investors thanks to an attractive discount. -
Royal Bank of Canada bagged Rmb900m ($136.57m) from its inaugural public offshore renminbi bond on Friday, making it just the third issuer to seal a dim sum bond this year.
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Investors bought into attractive yields from triple-B rated issuers that jumped into the US corporate bond market ahead of the Fed’s well flagged announcement that it would reverse quantitative easing.
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Canadian car parts maker Magna International and French property company Gecina both priced 10 year deals in the European corporate bond market this week. Magna had waited two years since its last euro issue, Gecina just three months.
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Chinese logistics firm Best, which counts Alibaba Group Holdings among its shareholders, raised $450m from its US IPO this week, chopping the deal by half to get it over the finish line.
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Chinese logistics firm Best raised $450m from its US IPO this week, slicing the deal size by as much as half.
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Jefferies' dreary third quarter trading results were buoyed by a record performance in its capital markets division.
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Distributed ledger technology “is on the verge of creating a sea change in contract design, reporting and settlement”, Brian Quintenz, a member of the Commodity Futures Trading Commission, said this week, as he was named sponsor of its Technology Advisory Committee (TAC).
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Geopolitical tensions around North Korea did not close the primary debt market this week, as Hyundai Motor Group’s US arm snapped up $1bn from a triple-tranche deal and Kookmin Bank priced a $500m trade on Monday.
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Zai Lab, a Chinese biotechnology company, was set to price its IPO of American Depository Shares on Tuesday, expected to raise at least $105.9m.
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September has seen a variety of issuers access the corporate bond market. From regular issuers to those who have not issued for over a decade, the consistent theme has been single digit new issue premiums for what one syndicate manager described as “manageable deal sizes.” Monday saw new issues in a similar vein.
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