UBS

Market participants expect more banks will now want to print Kangaroos after investors on a search for yield poured into UBS's additional tier one (AT1) deal on Tuesday. The syndication, which surprised those involved after it managed to shave 75bp off its initial pricing guidance and attract A$4bn ($2.71bn) of orders, suggested a market ripe for a deal spree.

Korea Development Bank moved to place the largest Korean Kangaroo earlier this week, a note that was also priced more tightly than any other Korean-issued Aussie dollar deal.

A $170m loan supporting Blackstone’s acquisition of Essel Propack (EPL) has been launched into general syndication, attracting two lenders already.

UBS sold an Australian dollar additional tier one capital note on Tuesday, surprising those involved after it managed to shave 75bp off of its initial pricing guidance on the back of a A$4bn ($2.7bn) orderbook. Market participants expect more banks will now want to look at the Kangaroo market for capital issuance, with BNP Paribas having also launched an AT1 in the currency last month.

The Philippines’ Securities and Exchange Commission has given the greenlight to homeware store chain AllHome Corp to list on the local bourse for up to Ps20.7bn ($394.7m).

Lloyds Bank dipped into dollars for senior funding on Wednesday, a day after UBS launched a deal in the same currency. A syndicate official noted that European financial institutions are being tempted across the Atlantic amid more inhospitable conditions in the euro market this summer.

UBS Group skirted volatility in global financial markets to issue an 11 year non-call 10 year senior unsecured bond in dollars on Tuesday. The Swiss lender offered a small premium to investors, with a final spread of 140bp over US Treasuries.

The head of equity capital markets for the German speaking region at Bank of America Merrill Lynch has left the bank and retired after more than two decades in the investment banking industry.

Banks are racing to expand their sponsors coverage teams as they fight to remain relevant to private capital providers at a time of disintermediation in investment banking. By David Rothnie.

China Aoyuan Group was back in the dollar market on Tuesday, adding another $250m to its 2023 notes.

UBS and Citi trader Tom Hayes was jailed for 11 years for manipulating Libor. But while the trader argued that he was made a scapegoat for the financial crisis, perhaps the rate he rigged is a bigger victim.

Chinese robotics company CloudMinds has taken its foot off the pedal for its New York Stock Exchange IPO, initially expected around this week, and is instead waiting for less volatile global capital markets, according to sources close to the deal.