UBS

Six Greater China borrowers, including Industrial and Commercial Bank of China (Macau) and an unrated property developer, have wooed bond investors to their new dollar deals.

UBS is revamping its investment bank to put the unit on a more global footing and boost collaboration across divisions, in a move that finally draws a line under the Andrea Orcel era.

Bank of Ireland was unable to complete the sale of a tier two transaction this week, after the UK Parliament descended in chaos. Bond buyers have by and large taken a pragmatic approach during Brexit negotiations, but market participants said that on this occasion the Irish issuer had “misjudged” how nervous investors were, writes David Freitas.

The arrival of star Credit Suisse banker Iqbal Khan gives UBS’s chief executive Sergio Ermotti the chance to achieve his ambition of reaching a decade at the helm of the bank while securing a smooth transition, writes David Rothnie. Meanwhile, UBS’s restructuring, announced on Thursday, marks a focus on intragroup collaboration.

FIG bond bankers are worried, as one put it, that “the steam is coming out of the Kangaroo market” after Thursday’s additional tier 1 (AT1) deal from Société Générale failed to reach the heights of deals from UBS and BNP Paribas earlier in the summer.

AllHome Corp has begun pre-deal investor education for its IPO in the Philippines. The firm is targeting as much as Ps20.7bn ($398.8m).

Aluminium Corporation of China (Chinalco) made a grand market return on Wednesday, sealing a $750m perpetual bond on the back of a book that reached $8bn at its peak.

Shanghai International Port Group (SIPG) has made a quick follow-up to its dollar market debut, rolling out a new dual-tranche deal less than two months after it sold its maiden bonds.

Raiffeisen Bank International sold a tier two bond this week, tightening pricing by 40bp. The trade was supported by hefty investor demand of €2.7bn, more than six times the deal's €500m size.

Austria’s AMS has agreed a €4.2bn bridge loan from two banks, with the sensor maker outbidding private equity firms in an attempt to buy German lighting company Osram.

South Korea’s Hyundai Capital Services pulled a dollar bond sale on Tuesday due to poor market conditions. Bankers away from the transaction blamed the failure on excess supply in the US.

James Gifford, who was founding executive director of the UN Principles for Responsible Investing, has joined Credit Suisse in the newly formed position of head of impact advisory.