UBS

Chinese high yield borrowers have come to the market in droves this week. That continued on Wednesday, when three deals raised a total of $1.275bn.

UBS is appealing a decision in France that would see it pay €4.5bn after being found guilty of helping clients defraud the tax authorities. The total amount topped market expectations, dwarfed the bank’s provisions for litigation, and gobbled up its 2018 net profits and then some.

Ronshine China Holdings priced the new money portion of its exchange offer after building an order book that covered the deal almost 16 times over. The liability management exercise helped the issuer close the gap between its curve and that of similarly-rated Chinese property developer peers.

Ronshine China Holdings announced the results of an exchange for its outstanding 2021 bond on Monday, at the same time as kicking off bookbuilding for $200m of new funding.

Cifi Holdings (Group) Co returned to the bond market with a $300m transaction. The four year bond’s tight price stood in stark contrast to the two year notes Cifi paid up to sell in December.

Philippine-based PH Resorts Group (PHR) has opened bookbuilding for a potential Ps10.4bn ($198.8m) follow-on offering of common shares.

The international capital market welcomed a new supranational borrower on Monday when Bolivia-based Fonplata issued a debut Sfr150m five year bond via Credit Suisse and UBS.

UBS is re-balancing its corporate finance business to end its reliance on its Financial Institutions Group with impressive results, writes David Rothnie.

CStone Pharmaceuticals has launched Hong Kong’s first biotechnology IPO of the year — and bankers are watching it closely. The up to HK$2.38bn ($304m) deal has received a strong early response, a good sign for the growing pipeline of biotech issuers hoping to put a difficult 2018 behind them. Jonathan Breen reports.

After a quiet start to February, property developers from China are making the most out of a liquid bond market, pricing dollar bonds way inside of initial guidance and still watching their bonds trade well in the aftermarket. The rush shows no signs of slowing down. Addison Gong reports.

One of the most covered aspects of the bond market by more mainstream media in recent months has been the value of triple-B rated corporate debt due to mature in coming years and what problems that might cause in the event of an economic downturn. However, this has prompted investors to start to quell any fears of these risks.

Chinese real estate companies Zhenro Properties and China Aoyuan Group reopened the Asian offshore bond market with a bang, as cash rich investors flocked to their transactions.