UBS
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Chinese robotics company CloudMinds has started sounding out investors for a $500m IPO of American Depository Shares (ADS) on the New York Stock Exchange, according to bankers close to the situation. -
Heavy bond supply last week from Chinese property developers took a toll on Fantasia Holdings Group Co, which failed to tighten pricing on a $200m bond on Monday. But China Hongqiao Group, an aluminium maker, found solid response from investors due to a lack of issuance from industrial credits.
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The Bank of Montreal followed Toronto Dominion’s lead on Wednesday to join the Canadian bail-inable Kangaroo frenzy, placing A$750m of five year debt.
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Bank of America Merrill Lynch has hired a senior banker from UBS to manage its equity capital markets business in the German-speaking region.
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Blue chip Hong Kong issuer New World Development Co has priced a 10 year bond worth $950m, after the leads decided to start bookbuilding at a generous level to build momentum.
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UBS’s decision to create a global team dedicated to private capital markets is symptomatic of a shift in how companies finance themselves and time their IPOs. With vast pools of private capital available, companies are going public later in their lifecycles, leading to stretched valuations and fewer listed companies. Aidan Gregory reports.
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UBS has created a new global team focused on private capital markets, giving it more exposure to a rapidly growing area of finance, as companies go public later in their life cycles and the amount of institutional and private money dedicated to private equity has grown and become more sophisticated.
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Chinese real estate companies Logan Property Holdings Co and Times China Holdings managed to aggressively tighten a pair of $400m four year callable bonds this week.
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Aroundtown, the German property company, chose Tuesday, when the European corporate bond market was otherwise empty of new issues to sell its second hybrid capital deal in as many months.
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The UK Debt Management Office (DMO) issued its 60th syndicated bond on Tuesday and signalled a “smooth” start to the second quarter of its 2019–20 financial year, as it printed an inflation-linked tap that was eight times oversubscribed.
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Christopher White, global head of banks at Lloyds Banking Group, and Robert Ellison, his predecessor in that role, have founded Finance Unlocked, an online training company.
