UBS
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Three Chinese companies joined the queue to list in the US within the past week. Youdao, an online education platform founded by Chinese technology company NetEase, is planning the largest of the IPOs, seeking up to $300m. -
Swiss investors’ thirst for yield was quenched in some style at the end of last week, when Russian Railways printed the largest Swiss franc transaction of the year from an emerging market borrower.
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Sovcombank printed a tier two bond on Monday at the wide end of guidance and the lowest end of the expected size range, which an investor said was a sign that the deal was “struggling” over the line. But a lead manager on the note pointed to healthy trading on Tuesday and its debut status and said that the issuer had simply taken sensible decisions after an in-depth price discovery process.
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Sovcombank was in the market on Monday morning with a subordinated bond, just 10 days after the issuer’s credit rating was upgraded by two major ratings agencies.
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Asset World Corp, the property and hospitality firm, has raised Bt48bn ($1.57bn) from Thailand’s largest IPO by a private company.
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SoftwareOne Holding, the KKR-backed IT services company, launched its IPO on the SIX Swiss Exchange on Monday.
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Chinese health and wellness solutions provider Ecmoho is planning to float on the Nasdaq and is targeting proceeds of up to $150m.
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AllHome Corp, a home building and furnishing materials company, priced its Ps12.9bn ($248.8m) IPO this week, riding a wave of local and international demand for its high growth story.
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Singapore-listed Mapletree Commercial Trust is planning to raise S$874.8m ($632.9m) from the sale of new equity to part-fund a local acquisition.
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Banco BPM and Abanca made use of favourable issuance conditions this week to beef up their capital buffers. The Italian lender priced the 10 year non-call five deal at a 4.25% coupon and the Spanish issuer priced its 10.5 year non-call 5.5 year bond at 4.625%.
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The Swiss franc new issue market sprang back to life this week, led by FIG borrowers.
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