UBS

Policy lender China Development Bank printed a dual-currency, three-tranche transaction on Tuesday, raising $2.4bn-equivalent. While it paid just a couple of basis points of new issue premium for the dollar bonds amid a short-lived market rally, demand for the euro portion exceeded expectations.

China Vanke Co rode the positive momentum that followed the truce in the China and US trade war, raising $630m after an aggressive tightening in price. But the movements in the US Treasury market, including a curve inversion between three and five year notes, hit the secondary performance of the company’s bond.

In this round-up, Donald Trump and Xi Jinping agreed to hold back from new tariffs for 90 days, Bloomberg received the green light from China Foreign Exchange Trade System (Cfets) to become the new trading platform for Bond Connect and CIBM Direct, and UBS obtained approval to acquire a majority share of onshore joint venture UBS Securities.

Three Chinese borrowers with education businesses are seeking funds from retail lenders in syndication.

Bond bankers have been gripped by moves by Ben Smyth, a UBS FIG DCM banker, to take the bank to a tribunal, alleging that the global head of debt capital markets, Amir Hoveyda, had been involved in an “inappropriate transaction” and that Smyth had been bullied and passed over for promotion.

China-based Mobvista has launched bookbuilding for a potential HK$1.63bn ($208m) IPO in Hong Kong, following the listing success of some of its peers.

WuXi AppTec’s Hong Kong IPO is set to be yet another test case of investor appetite for biotechnology names, as the company kicked off its chunky HK$7.5bn ($958m) flotation this week. With all eyes on the offering, its performance in both primary and secondary can have ramifications for other listing hopefuls in the city, writes Christie Ou.

China-based Mobvista plans to launch its Hong Kong IPO on Thursday, halving the target size to $200m-equivalent, according to a source close to the situation.

Private equity firms Bain Capital and Cinven are financing their purchase of a further 28.3% stake in Stada Arzneimittel, the German pharmaceutical group, in the euro leveraged finance markets this week, and are having to contend with investors who are in a risk-averse mood.

Babytree Group and Tongcheng-Elong Holdings both got their Hong Kong IPOs past the finish line this week, as equity markets globally continue to get battered by volatility.

Chinese online educator Koolearn Technology Holding has launched pre-marketing for its Hong Kong IPO at a time when the mainland government is stepping up regulation of the private education sector.

Spreads on Chinese property dollar bonds felt the impact of heavy supply on Monday when three companies, Times China Holdings, Greenland Holding Group and China Evergrande Group, brought new issues to the market.