UBS

UniCredit forms sustainability team — UBS looks to raise game in green with SEB hire — SG reshuffles Paris ECM line-up

UBS, Hermes and Federated are hunting investors for two SDG Engagement High Yield Credit funds, which will seek to make meaningful social or environmental impacts, as well as market-beating returns.

Kazakhstan printed a €1.15bn dual tranche bond on Wednesday from a book of more than €3bn at its peak, at levels that lead managers said were 6bp inside the curve for the seven year and 4bp inside for the 15 year. Bankers away from the deal saw fair value differently but conceded that there could be different views on the calculation.

Nasdaq-listed Pinduoduo became the latest in a growing line of Chinese companies to tap the US convertible bond market, pocketing $875m after pricing its debut issuance at the tight end of guidance.

One of China’s largest oil companies, Cnooc came to the market with a $1.5bn dual-tranche deal, giving investors a chance to buy into a single-A rated state-owned name.

GlobalCapital is pleased to announce the winners of this year’s Global Derivatives Awards. The winners were unveiled at a gala dinner at the Banking Hall in London on Wednesday night.

The Republic of Kazakhstan has impressively tightened initial price thoughts for a euro dual tranche seven and 15 year bond, but rivals are saying that the issuer started very wide. Bankers on the deal disagree.

KEB Hana Bank visited the offshore market on Tuesday for the third time this year, raising $400m from a floating rate note.

BBVA launched a senior non-preferred bond in the euro market this week as activity slowed after a busy period for new FIG issuance. The €1bn trade attracted orders of €1.8bn and gave investors a small new issue premium, according to a syndicate banker.

Banco BPM spied a chance on Tuesday to issue a tier two bond to beef up its capital buffers. The Italian lender launched a 10 year non-call five deal at a 4.25% coupon — 37.5bp tighter than the initial price thoughts.

Chinese e-commerce platform Pinduoduo has opened books for a convertible bond backed by its American Depository Shares, in what has become an increasingly popular corner of the equity-linked market.

A former director of research at CLSA has joined UBS Investment Research as a managing director, according to a note from the Swiss bank.