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GC Asia
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McLaren pulls in pricing for HY deal after investor stampede
McLaren, the sports car manufacturer, closed its $620m five year deal with a 7.5% coupon on Thursday after investors piled into the order book.
22 Jul 2021 -
WuXi Biologics block fetches $1.3bn
A leading shareholder in WuXi Biologics (Cayman) has pocketed HK$10.3bn ($1.3bn) after offloading a chunk of the company’s shares.
21 Jul 2021 -
‘Freedom Day’ could be death knell for UK’s battered corporates
Far from heralding the dawn of a new post-pandemic paradise, England’s removal of almost all social restrictions this week could easily lead to a sharp rise in corporate defaults.
20 Jul 2021 -
The distressed debt boom that wasn't
At the start of the pandemic, it made total sense for investors to pile capital into distressed debt funds. More than a year on, the decision looks like less of a slam dunk.
20 Jul 2021 -
French IG corporates brave market shaken by virus fears
French investment grade corporate issuers Alstom and Covivio Hotels ignored growing worries over rising coronavirus infections on Tuesday to haul in bumper demand for new bonds.
20 Jul 2021 -
Nigeria bond on horizon as appetite remains for HY EM
Bond market participants are eagerly anticipating a trade from Nigeria in the coming weeks, which would be the seventh sub-Saharan African sovereign new issue since the start of the year, with issuers making the most of the hunger for high yielding credits.
20 Jul 2021 -
Chongqing Pharma debuts with $150m
Chongqing Pharmaceutical (Group) Co is making its debut in the loan market for $150m. It is set to directly compete against a larger Chinese state-owned peer that is also testing lenders’ appetite for a new fundraising.
20 Jul 2021 -
Covid climb puts ECM buyers on defensive despite lifted restrictions
Equity markets were reeling this week as investors became more defensive in the face of rising Covid-19 cases across the world. Sources say that despite some countries, such as the UK, lifting Covid-19 restrictions, equity capital markets investors are bedding in for the pandemic to drag on.
19 Jul 2021 -
Italy: Europe's champion
There is good reason for cautious optimism when it comes to non-performing loans, despite the dire predictions made last summer. Italy, which has been dogged by NPL problems for years, is a prime example of how well things appear to be turning out, more than a year after the start of the pandemic.
15 Jul 2021 -
FSB finds that bank capital buffers ‘warrant further consideration’
The Financial Stability Board has this week recommended that further analysis be carried out to assess how bank capital buffers should work after the coronavirus pandemic. It will set out its next steps in another report in October.
14 Jul 2021 -
Court backlogs will distort mortgage performance for months
The build-up of court cases during the pandemic has rendered the investment profile of mortgage performance — a key metric for structured finance investors — ever more difficult to predict.
13 Jul 2021 -
European IPO pipeline retains tech focus as Covid variants spread
European IPO bankers have renewed their focus on bringing growth-orientated technology companies to market in the autumn, rather than cyclical firms, as fears over the continuing spread of Covid-19 leading to a fresh wave of lockdowns at the end of the year persist.
12 Jul 2021 -
Sri Lanka quells debt concerns
Sri Lanka's dollar bonds bounced back at the end of last week, following news that the country's central bank is ready to repay debt set to mature this month.
12 Jul 2021 -
‘Too early’ to judge capital buffer system, says Basel
The Basel Committee on Banking Supervision has completed a report looking at lessons learned from the coronavirus pandemic, but it has stopped short of recommending any changes to the regulatory capital framework.
09 Jul 2021 -
Shanghai Pharma cuts pricing on $500m refi
Shanghai Pharmaceuticals Holding Co has managed to slice the margin and fees on a $500m comeback to the loan market.
09 Jul 2021 -
LinkDoc Tech pulls $211m Nasdaq IPO
LinkDoc Technology, a cancer-focused medical data company, has shelved its US IPO just hours before pricing, as Chinese technology stocks recoil from Beijing’s clampdown on overseas listings.
08 Jul 2021 -
EMC begins bookbuilding for $500m IPO
EMC, the Russian private healthcare company, has unveiled the price range for its IPO on the Moscow Exchange.
07 Jul 2021 -
Banks still face ‘toughest tests’ of pandemic, consultants warn
Consultancy firm Oliver Wyman said in a report this week that European banks will face a delayed credit impact from the coronavirus pandemic if they fail to unwind emergency government support measures properly.
07 Jul 2021 -
Brii Bio seals HK$2.5bn IPO with top-end pricing
Chinese biotechnology company Brii Biosciences has raised HK$2.48bn ($319.7m) from its Hong Kong IPO, after pricing the deal at the top of the marketed range.
07 Jul 2021 -
Korea IPO wrap: Kakao Pay pre-markets, Krafton scales back $5bn target
South Korea’s busy IPO market is continuing to pump out deals, with the latest listings coming from Kakao Pay and Covid-19 test maker SD Biosensor. But issuers still have to be realistic, as Krafton found out when it shot for, but missed, the country’s largest ever IPO.
05 Jul 2021 -
Kantonsspital Graubünden surprises as Swissies wind down
Kantonsspital Graubünden sold a successful debut bond on Thursday, surprising bankers as it slipped in before the summer break.
02 Jul 2021 -
Huvepharma pulls €463m IPO
Bulgarian animal healthcare company Huvepharma has become the latest casualty in an IPO market oversaturated with supply.
01 Jul 2021 -
Tale of two recoveries as emerging Europe and Asia escape Covid’s grip
The EBRD’s central and eastern European heartland faces tough challenges as it seeks to regain its economic footing after being laid low by the outbreak of the Covid-19 pandemic
30 Jun 2021 -
Medlive Tech, Brii Bio hit Hong Kong IPO market
Medlive Technology and Brii Biosciences are tapping investors for a combined HK$6.7bn ($863m).
30 Jun 2021 -
HK Inno.N pre-markets $500m Korea IPO
South Korean pharmaceutical company HK Inno.N Corp has kicked off pre-deal investor education for its IPO, according to a source familiar with the matter.
30 Jun 2021 -
Covid brings unexpected positives for Kazakhstan
The oil-rich nation took a blow from the global pandemic, but Kazakhstan is getting back on track
29 Jun 2021 -
Kindstar Globalgene, Dexin Services tap HK IPO market
Kindstar Globalgene Technology and Dexin Services Group both rolled out their Hong Kong IPOs on Tuesday.
29 Jun 2021 -
United Medical Group tests Russia's IPO market
United Medical Group, the Russian healthcare company, has launched an IPO on the Moscow Exchange, which is expected to raise more than $500m, according to a source close to the transaction.
28 Jun 2021 -
Ontex switches to unsecured structure
Personal hygiene company Ontex has launched a bond deal, aiming to replace the bulk of its previously secured capital structure with unsecured debt, and push out its 2022 maturity wall with longer-term funding.
28 Jun 2021 -
Genertec gets strong support in syndication
Genertec Universal Medical Group, a Hong Kong-listed healthcare services company, has received strong response during syndication for its latest loan.
28 Jun 2021 -
Huvepharma seeks €3.6bn plus valuation
Animal healthcare company Huvepharma has opened the books on its €463m IPO on the Amsterdam Stock Exchange.
24 Jun 2021 -
Chaoju Eye Care sets sights on Hong Kong listing
Chaoju Eye Care Holdings is gauging investor appetite for a HK$1.81bn ($233m) listing on the Hong Kong Stock Exchange, becoming the latest healthcare related company to seek an IPO.
24 Jun 2021 -
Hong Kong’s HutchMed nets $537m from third IPO
Biopharmaceutical company HutchMed (China) pocketed HK$4.17bn ($537.1m) this week from its Hong Kong IPO.
24 Jun 2021 -
Argentina dodges Paris default but bonds still slide
Analysts said that Argentina’s deal to postpone $2bn of debt owed to the Paris Club was a credit positive, though it was not enough to halt another recent fall in the sovereign’s bond prices as the medium-term likelihood of a default remains high.
23 Jun 2021 -
‘Pepp finds a bit of pep,’ say rates traders
Since Friday last week the European Central Bank has stepped up asset purchases under its Pandemic Emergency Purchase Programme, giving secondary markets in rates products renewed vigour, said traders on Tuesday.
22 Jun 2021 -
Zylox-Tonbridge rolls out $330m Hong Kong float
Zylox-Tonbridge Medical Technology, a China-based medical device maker, is looking to raise up to HK$2.56bn ($329.9m) from a Hong Kong IPO.
22 Jun 2021 -
Kims wraps up Rp21bn Indian IPO
General Atlantic-owned Indian healthcare group Krishna Institute of Medical Sciences (Kims) has raised around Rp21.4bn ($288m) from a nearly four times subscribed IPO.
21 Jun 2021 -
HutchMed launches $602m secondary listing in Hong Kong
Biopharmaceutical company HutchMed (China) kicked off the roadshow for its HK$4.68bn ($602.7m) Hong Kong IPO on Friday, placing more than half of the shares in its third listing with cornerstone investors.
18 Jun 2021 -
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.
16 Jun 2021 -
Office owners bag bonds as investors bet on workers returning
There was little let-up in demand for property companies' bonds on Tuesday, as investors stocked up on Inmobilaria Colonial and debut issuer Sirius Real Estate, before the void of issuance expected from the tail end of this week.
15 Jun 2021 -
IPO bankers should brace for more Covid spikes
Europe’s equity capital markets bankers are expressing concern that deals they’re working on now will be damaged if the re-opening of the continent’s economies is reversed in the autumn. But new research on Covid-19 and last year’s pattern of infections shows they’re right to be nervous.
15 Jun 2021 -
Alibaba Health-backed LinkDoc Tech readies Nasdaq IPO
LinkDoc Technology, a cancer-focused medical data company, has filed paperwork for a $100m offering of American depository shares (ADS).
15 Jun 2021 -
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Suriname creditors pull termination trigger with fraught talks ahead
A group of Suriname’s bondholders on Monday followed through on their threat to cancel the payment relief that they had offered the sovereign, effectively pushing the government into technical default. But the move only supports expectations that restructuring negotiations will be lengthy and fraught.
15 Jun 2021 -
Animal health firms join bulging IPO pipeline
Two European animal healthcare companies have announced their intention to float in recent days. Bankers hope that the fast growing sector will offer something different in a crowded pipeline of new stockmarket listings in the region.
14 Jun 2021 -
‘Modern’ Chinese traditional medicine company eyes IPO
Gushengtang, a Chinese fintech-linked healthcare company, is plotting a listing in Hong Kong, riding on the strong positive sentiment among investors for companies in this industry.
11 Jun 2021 -
Shanghai MicroPort maps out listing plans
Shanghai MicroPort MedBot (Group) Co, which designs and develops surgical robots, is getting ready to list on the Hong Kong Stock Exchange.
11 Jun 2021 -
Basic Fit taps convert market as gyms reopen
Basic Fit, the Dutch operator of low-cost gyms, has issued a €303.7m convertible bond as it prepares for growth opportunities following the reopening of all of its fitness centres this week following more than a year of lockdowns caused by the pandemic.
10 Jun 2021 -
HK IPO round-up: Quanyuantang, Redco Healthy plan listings, Angelalign prices
Chengdu Quanyuantang Pharmacy Chain has started laying the foundation for its Hong Kong IPO, filing initial listing documents with the bourse this week.
10 Jun 2021 -
Aedifica sells new stock to fund €1bn investment pipeline
Aedifica, the Belgian real estate investment trust focused on healthcare properties, is financing its forward pipeline of investment opportunities with a €300m sale of new shares.
09 Jun 2021 -
Medline megadeal signals scale of PE firepower
Blackstone, Carlyle and Hellman & Friedman announced over the weekend that they would be taking a stake in healthcare supplies firm Medline at an enterprise value of $34bn, making it one of the largest leveraged buyouts in history. The scale of the deal underlines the extent of private equity dry powder, and signals that leveraged finance investors can expect more new money supply ahead.
07 Jun 2021
