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Asia

Yuexiu Services kicks off IPO

Property manager Yuexiu Services Group has hit the road with an up to HK$2.41bn ($310.5m) IPO.

Jonathan Breen, June 16, 2021
People News

HSBC AM revamps alternatives with Munro at helm

HSBC Asset Management is unifying its alternatives businesses, creating a single 150-strong team led by Joanna Munro, previously the firm’s global chief investment officer, in London.

Richard Metcalf, June 16, 2021
Asia

Nayuki nears $600m Hong Kong IPO launch

Nayuki Holdings, a Chinese teahouse chain, is set to launch its Hong Kong IPO on Friday, according to a source close to the deal.

Jonathan Breen, June 16, 2021
Asia

Aoyuan bonds drop to new lows on debt woes

China Aoyuan Group’s attempt to woo investors to its $200m bond with a generous yield fell flat on Tuesday. Recent concerns about the property developer’s leverage, and the subsequent fall of its dollar bonds in the aftermarket, held investors back from the new deal — and caused a further spiral in secondary. Morgan Davis reports.

Morgan Davis, June 16, 2021
Asia

VPBank Finance ushers in rare diverse MLAB group on loan

VPBank Finance, the consumer finance arm of Vietnam Prosperity Joint Stock Commercial Bank, has returned to the loan market just four months after its last deal. But this time around, it has brought together a diverse mix of lenders to run its fundraising — a rarity for transactions from the country. Pan Yue reports.

Pan Yue, June 16, 2021
Asia

Credit Suisse promotes two in Greater China PB team

Credit Suisse has promoted two veteran bankers in its Greater China private banking business.

Pan Yue, June 16, 2021
Asia

Junshi Bio seals $330m fresh equity injection

Shanghai Junshi Biosciences has raised HK$2.56bn ($330.5m) in equity capital from a placement of shares that drew a solid response from investors both during wall-crossing and bookbuilding.

Jonathan Breen, June 16, 2021
EM LatAm

Suriname hits back at bondholders

The government of Suriname on Tuesday accused its bondholders of taking an “unconstructive and confrontational stance” after the creditor committee had on Monday opted to exercise an option that allowed them to cancel the payment relief previously offered to the sovereign.

Oliver West, June 16, 2021
EM LatAm

Mastellone falls short on distressed exchange

Mastellone Hermanos, the largest dairy company in Argentina, has fallen short of getting the bondholder support it needs for its proposed distressed exchange offer. The borrower, which is dealing with the fallout from capital controls in its home country, needs the support of another 1.47% of its bondholders to proceed with the offer.

Oliver West, June 16, 2021
EM LatAm

Brazilian utility issues but LatAm lights to dim

Light, the fifth largest energy distributor in Brazil, issued $600m of five year bonds on Tuesday to wrap up a hectic period of LatAm high yield issuance. But the primary market is likely to take at least a one day pause as recent issues trade softly and the US Federal Open Market Committee (FOMC) concludes a two day meeting on Wednesday.

Oliver West, June 16, 2021
GC View

JBS shows SLB label is nothing without scrutiny

Brazilian meatpacker JBS made an apparently impressive entry into the world of ESG debt last week with a well received sustainability-linked bond (SLB). While an SLB is an encouraging first step for a company that has for years been under the scrutiny of environmental campaigners, the KPIs in the deal cover a fraction of the company’s emissions, and the deal shows investors need be tougher on SLB issuers if the format is to have value.

Oliver West, June 15, 2021
Private debt

Forget bonds, the PP market’s biggest threat is its largest investors

The largest institutional investors in the private placement market have the cash and, increasingly, the origination capabilities to draw companies into bilateral and club trades. If these whales can show companies there is no pricing pick-up over syndicated deals, the broader market is bound to lose ground.

Silas Brown, June 15, 2021

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