UBS

A UBS economist’s allegedly offensive comment about "Chinese pigs" has ensnared the Swiss bank in a series of unfortunate events, including being kicked off a planned dollar bond deal for China Railway Construction Corp. The backlash is overblown but serves as a warning for banks dealing with China.

Georgian TBC Bank printed its long-awaited $300m five year bond on Wednesday from a book of over $700m.

TBC Bank, Georgia’s largest bank by assets, loans and deposits, has set the size for its debut dollar bond at $300m and order books for the deal are already well over that amount.

An order book that was more than 15 times covered allowed first-time issuer Shanghai International Port (Group) Co to not only beat its price target in the primary market, but also see its $700m bonds perform well in secondary.

Chinese real estate developers Sunac China Holdings and Yango Group returned to the offshore market on Tuesday, with the former raising a larger-than-expected $600m. Property and construction firm Jiangsu Zhongnan Construction Group Co also priced its maiden dollar bond.

UBS has hired Régis Turrini as head of France for corporate client solutions.

Bank of New Zealand (BNZ) gave investors the chance to put some euros into a senior bond on Friday and was well subscribed for its efforts.

Activity in the FIG sector in Swiss francs shifted from the international to the domestic market this week, with a little over Sfr850m ($857m) of new supply priced on Tuesday alone.

China’s Hansoh Pharmaceutical Group has priced its HK$7.9bn ($1bn) Hong Kong Stock Exchange offering.

Ping An Insurance (Group) Co of China raised $400m from a bond sold through its real estate business on Tuesday. While the deal carried the weight of the Ping An name, the issuer’s aggressive pricing strategy scared some investors off.

Georgia’s largest commercial bank TBC Bank is on the road to promote a dollar benchmark. The deal coincides with the bank’s push into its neighbouring markets, Azerbaijan and Uzbekistan. The bank is spearheading the move with tech platforms.

GlobalCapital is pleased to announce the winners of its 2019 Americas Derivatives Awards, revealed at a gala dinner at the Metropolitan Club in New York on Thursday May 30. As ever, the awards recognise the firms and innovations that have advanced the derivatives markets during the last 12 months.