UBS

Hong Kong-based online brokerage Futu Securities is on track to raise $160m after cutting the size of its IPO and signing up international investment fund General Atlantic for a private placement.

Banks outside the top five in the league tables, especially those operating in emerging market bonds, often sing a song that would tug at the heart strings if set against a solo violin. They claim that the league tables for CEEMEA deals often do not represent the banks that do the bulk of business in each region because the huge jumbo deals that occasionally spring up skew the results wildly in favour of the big firms. But the numbers show that claim is utter nonsense.

Hong Kong-based New World Development Co was able to find enough demand to cover a $500m ‘fixed-for-life’ perpetual bond, returning to a structure that lost attraction amid expectations about rising rates.

Indian generic drugs producer Jubilant Pharma raised $200m from its return to the bond market after investors rushed to snap up a rare Indian high yield credit.

Dollar bond supply from China continues unabated. China Vanke Co and Agile Group Holdings joined their real estate peers in a recent spree, raising $1.1bn between them, while science park operator TUS-Holdings priced a $350m dollar bond.

Futu Holdings, theparent of Hong Kong-based Futu Securities International, has hit the road with an up to $130.8m Nasdaq IPO. The firm has cut the size of its float amid shaky markets, but the deal is still being used as a yardstick by its larger competitor Tiger Brokers, which is snapping at Futu’s heels with its own US listing. Jonathan Breen reports.

PlayTech, the UK-based gambling technology company, announced its second high yield bond issue on Tuesday afternoon, seeking to raise €350m to redeem an out-of-the-money convertible bond issued in 2014. During the roadshow, it confirmed a new contract with UK gaming group GVC, which helped it print tight in a market that was already supportive.

Futu Holdings, parent of Hong Kong-based Futu Securities International, has launched bookbuilding for its potential $130.8m Nasdaq IPO.

When will the supply of Chinese property bonds end? Bankers detected hints of indigestion after a rush of deals last week, but that does not appear to have slowed down the mass of supply. Five more companies turned to dollar bond investors on Monday.

Property companies in Greater China raised more than $6bn from the bond market this week, sparking fears of indigestion.

The past week has been the busiest of the year so far in the international segment of the Swiss franc market, with European bank issuers accounting for much of the new issue flow.

CStone Pharmaceuticals will list Hong Kong’s first biotech IPO of 2019 next week, getting things moving with a deal that bankers said is a sign of a maturing market after 2018's rush of deals.